Public sector lender Oriental Bank of Commerce has narrowed its loss at Rs 393.21 crore for the June quarter compared to loss of Rs 486.20 crore reported in same period last year.
Net interest income during the quarter grew by 17 percent year-on-year to Rs 1,337.6 crore, but non-interest income plunged 41 percent to Rs 460.34 crore and operating profit slipped 28 percent to Rs 724.25 crore YoY.
Provisions and contingencies for the quarter stood at Rs 1,539.5 crore, which increased 5 percent compared to year-ago but fell 34 percent sequentially. Provision coverage ratio improved a bit to 64.59 percent from 64 percent QoQ.
Asset quality weakened further with gross non-performing assets as a percentage of gross advances rising to 17.89 percent in Q1FY19 against 17.63 percent in previous quarter and net NPA climbing to 10.63 percent versus 10.48 percent QoQ.
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