Business Daily from THE HINDU group of publications
Saturday, Jan 31, 2009
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Business Daily from THE HINDU group of publications Saturday, Jan 31, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Money & Banking
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Financial Performance Corporate Results - Public Sector Banks
Mr Alok K. Misra Our Bureau New Delhi, Jan. 30 An increase in treasury profits and interest income raised Oriental Bank of Commerce’s net profit for the third quarter ended December 2008 by 82 per cent to Rs 252 crore. The bank said that its treasury profit rose to Rs 185 crore during the quarter, against Rs 58 crore for the corresponding period the previous year. Oriental Bank’s non-performing assets declined to 0.76 per cent of its advances at Rs 497 crore in the current fiscal, from 0.99 per cent (Rs 539 crore) as on March 2008. 
“Credit offtake has been good during the quarter. We have established niche business verticals to grow our business. Our aggregate deposits grew by 23.18 per cent at Rs 91,374 crore (year-on-year) while our gross advances rose 28.10 per cent at Rs 65,617 crore,” said Mr Alok Misra, Chairman and Managing Director, Oriental Bank of Commerce. The bank was able to open 10.25 lakh new accounts since the beginning of the current fiscal. The bank has expressed optimism on credit offtake improving in the present quarter citing that the third quarter is usually slow with regard to business environment. In response to a possible rate cut in view of Reserve Bank of India asking banks to lower their rates, Mr Misra said, “We have already reduced the prime lending rate in January. We will have to take a call based on what other banks do. Both interest rates and PLR are likely to come down either in February or March.” OBC net rises 36% on all-round growth More Stories on : Financial Performance | Public Sector Banks | Oriental Bank of Commerce
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