Oriental Bank of Commerce reduces base rate by 10 bps to 10.40%

Accord Fintech – Thu 16 Aug, 2012 3:00 PM IST

Oriental Bank of Commerce (OBC) has reduced the base rate by 10 basis point (bps) from 10.50% per annum to 10.40% per annum with immediate effect.

OBC is a Government of India undertaking whose business activities includes monetary intermediation of commercial banks, saving banks and discount houses.

The bank registered a rise of 10.35% in its net profit at Rs 391.42 crore for the quarter under review as compared to Rs 354.70 crore for the same quarter in the previous year. Total income of the bank increased by 19.77% at Rs 4695.57 crore for Q1FY13 as compared Rs 3920.36 crore for the corresponding quarter previous year.

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