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Oriental Bank shares tank 7% after Q4 earnings

LiveMint logoLiveMint 12-05-2017 PTI

New Delhi: Shares of Oriental Bank of Commerce (OBC) on Friday slumped almost 7% after the company reported a net loss of Rs 1,218 crore for last quarter ended March 2017.

The stock tanked 6.81% to end at Rs 163.40 on BSE.

During the day, it tumbled 8% to Rs 161.15. On NSE, shares of the company dropped 6.96% to close at Rs 162.90.

The company’s market valuation fell by Rs 413.58 crore to Rs 5,656.42 crore. In terms of volume, 15.21 lakh shares of the company were traded on BSE and over one crore shares changed hands on NSE during the day.

Oriental Bank of Commerce (OBC) has reported a net loss of Rs 1,218.01 crore for last quarter ended March 2017 on huge jump in provisioning for bad assets.

The bank had made a net profit of Rs 21.62 crore during the same quarter of preceding fiscal ended March 2016.

Total income of the bank during January-March quarter of 2016-17 came down to Rs 5,093.84 crore as against Rs 5,488.27 crore, as per the bank’s balance sheet.

Asset quality of the bank worsened with net non performing assets (NPAs) rising to 8.96% of the net advances as on March 31, 2017 against 6.70% a year ago. Gross NPAs or bad loans were 13.73% as a percentage of gross advances at the end of March, up from 9.57% a year ago.

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