OBC Q2 profit climbs 47% to Rs 398 crore | business | Hindustan Times
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OBC Q2 profit climbs 47% to Rs 398 crore

business Updated: Nov 03, 2010 21:40 IST
HT Correspondent
HT Correspondent
Hindustan Times
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Public sector lender Oriental Bank of Commerce (OBC) has registered a 46.8% jump in its net profit for the July to September quarter of the current financial year at Rs 397.7 crore.

In the corresponding period of the previous fiscal, the bank’s net profit stood at Rs 270.8 crore.

The increase in net profit is primarily due to a higher net interest margin and return on assets.

The bank’s cost of deposits also declined to 5.9% during the second quarter of the current fiscal compared to 7.1% in the corresponding period in the previous fiscal.

The bank’s total income increased to Rs 3,206 crore in the second quarter of the current fiscal from Rs 2,801 crore in the corresponding period of the previous fiscal, a jump of 14.5% per cent.

The bank’s total advances showed a growth of 14.3% to Rs 87,500 crore as on September 30, 2010 against R76,528 crore in the same period in the previous year.