💠💠 State-owned Oriental Bank of Commerce (OBC) State-run Oriental Bank of Commerce (OBC) posted net profit of ₹112.68 crore in the June quarter, as fewer new loan accounts turned bad and higher recovery of soured loans. It reported loss of ₹393 crore in the year-ago period and profit of ₹201.50 crore in the March quarter.
OBC’s interest income grew 15% to ₹4,919.82 crore in the three months ended 30 June from a year earlier. Gross non-performing assets (NPA) declined to 12.56% in the June quarter from 17.89% a year ago, and net NPA fell from 10.63% a year ago to 5.91%, the Gurugram-based company said, attributing the reason behind the drop to higher cash recovery and lower fresh slippages.
“Bank’s asset quality has shown consistent improvement since March 2018. Fresh slippages in Q1-20 (April-June quarter of 2019-20) reduced to ₹1,413 crore against ₹2,381 crore in Q1-19 (April-June quarter of 2018-19)," the lender said in a statement.
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