OBC registers Q1 net profit of Rs 94.02 crores

New Delhi, July 28 (UNI) The Oriental Bank of Commerce (OBC) today reported a net profit of Rs 94.02 crore during the first quarter of the current fiscal, which is an increasae of 116 per cent as compared to the same period last year (April-June).

The net profit, after write-off for the first quarter of last year, stood at Rs 43. 53 crores.

Addressing a Press Conference here to declare the first quarter results, Chairman and Managing Director OBC K N Prithviraj told newspersons the total income of the Bank in June 2006 was Rs 1,304 crore as against Rs 1,083.10 crore in June 2005, which is an increase of Rs 220.92 crore.

The Operating Profit stood at Rs 350 crore during first quarter (Q1) of the current fiscal (April- June, 2006), which is 23.16 per cent more than Q1 of last year.

The Operating Profit as on June 2005 stood at Rs 284.89 crore and this year, the increase is Rs 66.01 crore.

Mr Prithivraj said the main reason for the higher income was much better recoveries of the NPAs.

The Board of Directors met in the capital to finalise the results of the first quarter.

''The Bank's business continues to grow at an impressive rate, with total business mix going up by Rs 18,650.63 crore to Rs 90,955.69 crore as on June 2006, which translates into a growth rate of 25.80 per cent,'' he said.

The CMD said the Bank hopes to maintain or surpass last year's dividends of 20 per cent and touch a business of Rs 1,00,000 crore.

The Bank has made recovery of Rs 202.48 crore during the quarter, resulting in reduction of Gross NPA from Rs 2,416 crore as on June 2005 to Rs 2,045 crore as on June 2006 (8.8 per cent to 5.6 per cent) and Net NPA from Rs 270 crore as on June 2005 to Rs 161 crore as on June 2006(1.1 per cent to 0.5 per cent).

The CRAR of OBC as of June 2006 is 12.10 per cent.

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