Oriental Bank of Commerce (OBC) shares plunged over 12 per cent on Thursday after the public lender reported a loss of Rs 425 crore for the October-December quarter on account of higher provisions for stressed loans.
OBC set aside Rs 1,183 crore as provisions for bad loans, which is 34 per cent higher thatn provisions in the same quarter last year.
Gross non-performing loans of Oriental Bank increased 38 per cent sequentially to Rs 11,825 crore. As a percentage of total advances, gross non-performing loans stood at 7.75 per cent against 5.70 per cent sequentially.
Oriental Bank's net non-performing assets stood at 4.99 per cent of advances against 3.55 per cent in the September quarter.
OBC shares closed 11.13 per cent lower at Rs 85.05 apiece compared to 3.4 per cent fall in the broader Sensex.
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