Oriental Bank of Commerce has reported a net profit of Rs 145 crore for the December 2018 quarter, on improvement in asset quality and increase in business efficiency.
It had posted a net loss of Rs 1,985 crore in the corresponding quarter of the previous financial year, OBC said in a regulatory filing. Total income rose to Rs 5,128 crore during the third quarter, compared with Rs 4,756 crore a year ago.
The bank’s cost-to-income ratio also improved to 49.50 per cent in the quarter, from 50.87 per cent a year ago and 50.19 per cent in the second quarter.
Net interest income, difference between interest earned and expended, increased to Rs 1,419 crore, compared with Rs 1,018 crore a year ago and Rs 1,275 crore in the previous quarter.
The bank is expected to raise up to Rs 187.52 crore in this issue that is slated to offer for subscription by employees on January 31. Net NPAs stood at 7.15 per cent as compared with 9.52 per cent.
Value-wise, gross NPAs were Rs 24,352.98 crore in the December 2018 quarter, against Rs 27,550.88 crore a year ago. Net NPAs stood at Rs 9,972.61 crore as against Rs 14,195.07 crore.