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Oriental
Bank’s net profit up to Rs 320 crore
Our Banking Bureau
20 May 2002
 New
Delhi: Oriental
Bank of Commerce (OBC) has posted a net profit of Rs 320.55 crore
for the year 2001-02 - a 58-per cent rise over the previous year’s
net of Rs 202 crore. OBC’s operating profit rose by 71.7 per
cent during the period to Rs 917 crore from Rs 534 crore.
 OBC
managing director B D Narang says the improved performance of the
bank has been on account of lowering of cost of deposit, higher
treasury income and better cash recoveries.
The total business of the
bank has gone up to Rs 42,646 crore at the end of March 2002,
against Rs 35,935 crore at the completion of the previous year - a
growth of 18.67 per cent.
While the bank’s deposit base rose from Rs 24,680 crore in
2000-01 to Rs 28,488 crore, the average cost of deposits have come
down from 8.4 per cent the previous year to 7.7 per cent. The
gross advances of the bank have risen from Rs 11,255 crore to Rs
14,486 crore - a growth of 28.7 per cent with a yield of 11.6 per
cent, says Narang.
The non-performing assets
of the bank stand at 3.2 per cent  against
3.6 per cent last year, while the capital adequacy ratio is 10.99
per cent.
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