Oriental Financial institution of Commerce Q3 internet revenue jumps 39.11% to Rs 201.66 cr; gross NPAs decline to 12.64%

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Mumbai: State-owned Oriental Financial institution of Commerce (OBC) on Thursday reported a 39.11 % bounce in internet revenue at Rs 201.66 crore for the quarter ended December 2019, primarily resulting from discount in unhealthy loans.

The financial institution, which goes to be merged with one other state-run lender Punjab Nationwide Financial institution, had reported a revenue of Rs 144.96 crore in October-December quarter a 12 months in the past.

The financial institution’s whole earnings throughout December quarter stood at Rs 5,642.61 crore as in contrast with Rs 5,127.98 crore a 12 months in the past, it stated in a regulatory submitting.

Revenue from curiosity stood at Rs 4,659.93 crore as towards Rs 4,561.12 crore throughout October-December quarter of earlier fiscal.

The ratio of internet non-performing belongings (NPAs) decreased to five.98 % throughout the quarter beneath overview from 7.15 % within the year-ago interval.

Gross NPAs additionally fell to 12.64 % from 15.82 %.

In absolute phrases, internet NPAs stood at Rs 9,507.53 crore, down from Rs 9,972.61 within the corresponding interval over the last monetary 12 months.

Shares of OBC had been buying and selling down 1.19 % at Rs 53.80 on the BSE on Thursday.

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