Oriental Bank of Commerce Q3 net drops 7.9% on higher provisioning

Oriental Bank of Commerce (OBC) Q3 net drops 7.9% on higher provisioning.

Oriental Bank of Commerce (OBC) on January 25, 2013 reported a 7.9 per cent decline in net profit for the quarter ended December 31, 2012, at Rs 354 crore (Rs 326 crore).

The bottomline was weighed down by a three-fold increase in provisioning towards non-performing assets to Rs 351 crore (Rs 101 crore).

It was also impacted by an additional one-time provisioning of Rs 78 crore on account of the Reserve Bank of India’s recent diktat requiring 2.75 per cent provisioning for restructured advances (against 2 per cent earlier).

There was also a provisioning of Rs 30 crore toward revision in wages.

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