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Update at 1425 hrs (IST)

Banking & Finance
OBC net surges 41% to Rs 408 cr

NEW DELHI: State-run Oriental Bank of Commerce (OBC) has reported 41 per cent growth in net profit at Rs 408.25 crore for the third quarter ended December 31, 2010.

Net profit during the corresponding period last fiscal stood at Rs 289.43 crore, OBC said in a filing to the Bombay Stock Exchange.

During the quarter, the interest income rose to Rs 3,032.76 crore from Rs 2,671.59 crore, up by 13.52 per cent.

Total income increased to Rs 3,264.17 crore at the end of December 31, 2010 from Rs 2,909.27 crore in the third quarter of last fiscal.

Shares of OBC were trading at Rs 318.90, down 7.38 per cent over the previous close in a weak afternoon trade on the BSE. PTI

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