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Oriental Bank’s Q3 net loss narrows to Rs 130 cr

NEW DELHI, Feb 4:  Public lender Oriental Bank of Commerce’s net loss for the December quarter narrowed to Rs 130 crore from Rs 424.70 crore in the year-ago period.
Total income has increased to Rs 5,415.97 crore during the quarter ended December 31, 2016 from Rs 5,350.48 crore in the same quarter a year ago, the bank said in a BSE filing.
The bank’s interest income also fell to Rs 4,438.62 crore during October-December period as against Rs 4,955.96 crore a year ago.
The asset quality of the bank deteriorated further, with gross non-performing assets (NPAs) rising to 13.80 per cent of the gross advances during the quarter as against 7.75 per cent a year earlier.
In absolute terms, the gross NPAs stood at Rs 20,492.18 crore as against Rs 11,824.90 crore year earlier.
Net NPAs or bad loans soared to 9.68 per cent of the net advances during the period from 4.99 per cent during the October-December quarter last fiscal.
Further, in absolute terms, net NPAs during the quarter rose to Rs 13,688.09 crore from Rs 7,359.41 crore in the year-ago period. (PTI)

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