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OBC Shares Zoomed Up on Stock Markets

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Shares of Oriental Bank of Commerce (OBC) jumped over 5 per cent after the company reported a 23.5 per cent rise in net profit for the second quarter ended September 2019.

The scrip gained 4.97 per cent to Rs 52.75 on the BSE.

At the NSE, it rose by 5.26 per cent to Rs 52.95.

OBC on Tuesday reported a 23.5 per cent rise in net profit at Rs 126 crore for the second quarter ended September.

The state-owned bank had posted a net profit of Rs 102 crore in the corresponding July-September period last fiscal.

The bank’s total income rose 15 per cent to Rs 5,702 crore in July-September as compared with Rs 4,967 crore in the year-ago period.

OBC’s gross non-performing loans or bad loans came down to 12.53 per cent of the gross advances as on September 30, 2019 from 17.24 per cent at the end of September 2018.

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