Oriental Bank of Commerce: Increasing Profits?

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Oriental Bank of Commerce: Increasing Profits?

  1. OBC or Oriental Bank of Commerce reported on Thursday that there was an increase of 39.4 (percent) in profits for the third quarter ended at ₹ 202 crores (₹ 145 crores).
  2. Oriental Bank of Commerce (OBC) is now looking at a total profit of at least ₹ 1,000 crores for 2019-20, following massive debt growth and a huge record of profits and account losses from four major NCLT ticket cases.
  3. The public sector bank, on Monday, reported a total profit of ₹ 55 crores in 2018-19, which is volatile, as the lender has netted the loss of the net two years ago.
  4. The public sector bank, which is expected to merge with PNB from April 1, recorded a total profit of ₹ 126 crores in the September quarter of this amount. Total revised quarterly revenue increased to, 5,643 crores (₹ 5,128 crores) while operating profits increased by 21.06 percent to 21 1,213 crores (₹ 1,002 crores).
  5. For a nine-month period ending December 31, 2019, OBC recorded a total profit of ₹ 440 crores compared to a total loss of ₹ 147 crores over the same period last year.
  6. The shares on Wednesday exceeded more than 5 percent of Oriental Bank of Commerce after that the company reported a 23.5 percent increase in profits for the second quarter.
  7. The script received 4.97 percent to. 52.75 on BSE. On the NSE, it increased by 5.26 percent to. 52.95.
  8. The state-owned bank had transferred a total of ₹ 102 crores in the corresponding period of July and September of the previous financial year.
  9. Learn more: PSU bank shares are moving forward; Indian bank increases by 4%
  10. Bank revenues increased by 15% to, 5,702 crores in July-September compared to ₹ 4,967 crores in the previous year.
    This key performance in the review quarter was higher than the total profit of ₹ 113 crores recorded in the last quarter.
  11. Total revenue during the second quarter remained at ₹ 5,702 crores, which is actually much higher than the level of 4,967 crores for the same quarter.
  12. In the first half of this amount, OBC reported a net profit of 239 crores (loss of ₹ 292 crores).
  13. OBC-free loans or bad loans have dropped to 12.53 percent in the main development sector.

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