The Hindu Business Line : Oriental Bank net rises 29%

NEW DELHI: Oriental Bank of Commerce has registered a 29 per cent increase in net profit to Rs 395.41 crore for the first six months ended September 30, 2004, against Rs 305.17 crore in the same period last year.

The total income stood at Rs 1,883.72 crore (Rs 2,015.69 crore). The interest income rose by more than 6 per cent to Rs 1,717.82 crore (Rs 1,614.57 crore). The capital adequacy ratio stood at 16.07 per cent while net non-performing assets was zero per cent.

For the second quarter, the net profit of the bank went up by more than 31 per cent to Rs 214.89 crore, compared with Rs 162.83 crore in the corresponding quarter last year. The total income was at Rs 918.61 crore.

The total business of the bank for the first half of 2004 grew by 22 per cent to Rs 58,488 crore (Rs 47,847 crore). The advances grew by Rs 4,095 crore to Rs 21,008.73 crore, whereas the deposits grew by 21 per cent to Rs 37,479 crore.

The retail credit showed an increase of 38 per cent to Rs 1,143 crore from Rs 828 crore in the year-ago period. The home loans grew by 35 per cent to Rs 3,439 crore (Rs 2,547 crore).

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