Oriental Banks net profit up to Rs 320 crore

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 years net of Rs 202 crore. OBCs 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 banks 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.