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.