OBC records 62% rise in profits
By Vaibhav Aggarwal
Apr 30, 2010
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The March 2010 quarter has earned a net profit of Rs. 317.04 crore for Oriental Bank of Commerce, which is a 61.9% rise as compared to last year's figures of Rs. 195.82 crore. The total income of the bank has increased to Rs. 2,950 crore as compared to the amount of Rs. 2,689.38 crore last year.

The operating profit of the bank saw a 44.33 % rise to Rs. 776.92 crore. Net interest income (NII) of the bank amounted to Rs. 989.37 crore this quarter. The net interest margin (NIM) has also increased to 3.27 per cent, compared with 1.87 per cent at the end of March 2009.

The bank has seen a rise in its total income to Rs. 11,457 crore, compared with Rs 9,927 crore in 2008-09.

The bank has recorded a 22.25% rise in its deposits and 21.89 % rise in advances for the year 2009-10. The current year expectations are such that the deposits would grow by 30% and advances by 23%.

"We expect around 20 per cent profit growth during the current financial year too. We expect a business growth of 25 per cent," OBC Chairman and Managing Director TY Prabhu said.

Speaking on the rise in interest rates he said that the rates are not likey to go up in the near term till June owing to sufficient liquidity in the system.

He also said that the bank had plans to raise both Tier I and Tier II capital but the final decision in this regard would be taken in May.


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