New Delhi: Indian state-run lender Oriental Bank of Commerce's fiscal first quarter (Apr-Jun) net profit rose 10.35% to Rs 3.91 billion from Rs 3.54 billion in the same period a year ago on account of higher income from interest.
The company's net interest income in the three months to June 30 also rose 10.56% to Rs 11.26 billion from Rs 10.18 billion in the corresponding period last fiscal year 2011-12, Oriental Bank of Commerce said in a filing to stock exchanges Monday.
Total income of the company for the first quarter surged 19.77% to Rs 46.95 billion from Rs 39.2 billion in the same quarter last year, it said.
The bank's provisions for bad loans and contingencies during the quarter increased 5.68% to Rs 3.32 billion as compared to Rs 3.14 billion in the year-ago period.
Gross non-performing assets (NPAs), or bad loans, shot up to 2.97% of advances as on June 30 from 2.07% in the same period previous fiscal year, while its net NPAs rose to 2.05% from 1.09%.
Capital adequacy ratio -- the amount of capital in proportion to a lender's advances -- was at 12.29% at the end of the quarter as against 13.64% in the same period last fiscal year.
Its net interest margin was at 2.79% in the June quarter.
Shares of Oriental Bank of Commerce Monday were trading at Rs 228.7 on the Bombay Stock Exchange (BSE) at 1:17 pm, up 7.32% from the previous close.
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