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Oriental Bank: Improving performance

Jan 24, 2003

Oriental Bank (OBC) has reported a robust performance for its December quarter. The bank has recorded 42% YoY jump in net profits on the back of a 5% increase interest income. OBC's net profit growth in 3QFY03 has been higher than the growth seen in the previous two quarters. In 9mFY03, net profits have shown a 31% growth while interest income has grown by 10%.

(Rs m) 3QFY02 3QFY03 Change 9m FY02 9m FY03 Change
Income from Operations 7,690 8,080 5.1% 22,338 24,579 10.0%
Other Income 1,210 1,913 58.1% 2,829 4,053 43.2%
Interest Expenses 5,240 5,115 -2.4% 15,280 15,957 4.4%
Net interest income 2,450 2,965 21.0% 7,058 8,622 22.2%
Other Expenses 1,937 1,499 -22.6% 4,579 4,385 -4.2%
Operating Profit 514 1,466 185.4% 2,479 4,237 70.9%
Operating Profit Margin (%) 6.7% 18.1%   11.1% 17.2%  
Provisions and Contingencies (215) 1,165 -643.0% 970 2,618 169.9%
Profit before Tax 1,938 2,214 14.2% 4,338 5,671 30.7%
Tax 1,081 998 -7.7% 1,771 2,298 29.8%
Profit after Tax/(Loss) 857 1,216 41.8% 2,568 3,373 31.4%
Net Profit Margin (%) 11.1% 15.0%   11.5% 13.7%  
No. of Shares (m) 192.5 192.5   192.5 192.5  
Diluted Earnings per share* 17.8 25.3   17.7 23.3  
P/E Ratio         2.6  
*(annualised)            

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