Financial Daily from THE HINDU group of publications
Friday, Jan 25, 2002
Financial Daily from THE HINDU group of publications Friday, Jan 25, 2002 |
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Money & Banking
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Public Sector Banks Corporate Results - Public Sector Banks Oriental Bank net up 63 pc Our Bureau
NEW DELHI: Oriental Bank of Commerce (OBC) has recorded a 53 per cent increase in gross profit of Rs 531 crore for the first nine months ended December 31, 2001 compared to Rs 347 crore for the same period last year. After making provisions on account of non-performing assets (NPAs), standard assets, depreciation and provision for taxes including deferred taxes, net profit stood at Rs 257 crore compared to Rs 158 crore last year, an increase of 63 per cent. The total income stood at Rs 2,517 crore as against the expenditure of Rs 1,986 crore. The average costs of deposits have been brought down to 7.8 per cent from 8.4 per cent. The reduction has been possible because the bank increased its share of demand deposits from 22.7 per cent in September 2000 to 24.44 per cent in September 2001. The aggregate deposits have gone up by Rs 3,065 crore to Rs 27,746 crore. Gross advances went up by Rs 1,867 crore to Rs 13,122 crore, a growth of 16.6 per cent. Net advances stood at Rs 12,863 crore. The business per employee has also seen an increase to Rs 299 lakh compared to Rs 263 lakh as on March 31, 2001. With active participation from secondary market operations in Government securities, the profit from treasury operations has increased from Rs 77 crore to Rs 175 crore. The non-fund income has also gone up to Rs 283 crore from Rs 189 crore.
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