OBC reports standalone net profit at Rs.21.62 crore in Q4FY16: Misses Estimates

The bank’s standalone NII stood at Rs. 1,353.69 crore, up 4.32% yoy and 3.39% qoq.

May 11, 2016 11:55 IST | India Infoline News Service
Oriental Bank of Commerce
Oriental Bank of Commerce, a leading bank, reported standalone net profit of Rs.21.62 crore for the quarter ended March 31, 2016. However, the bank had reported net loss of Rs.178.44 crore in the corresponding quarter of the previous year and Rs. 424.69 crore in the preceding quarter. It's Net Interest Income (NII) for the quarter stood at Rs. 1,353.69 crore, clocking growth of 4.32% yoy and 3.39% qoq.

Gross non-performing assets (GNPA) for the quarter stood at 9.57% up 439 bps yoy and 182 bps qoq.Provisions during the quarter at Rs. 1026.11 crore were lower by 7.27% and 13.27% respectively.

For the year ended March 31, 2016, the bank reported net profit of Rs. 156.08 crore, witnessing decline of 68.6% yoy. It's NII for the current period of Rs. 5,388.11 crore was up  5.98% yoy.

Provisions during the period at Rs. 3,356.23 crore were higher by 1.34% yoy.

Result Highlights: (Rs. in crore)

Reported Results IIFL Estimates Variance (%)
Standalone Revenue 1353.69 1503
Standalone Net Profit 21.62 83 [73.95]

Standalone EPS for the quarter stood at Rs. 0.72.

Bloomberg estimated the company’s standalone net profit at Rs. 879.80 crore.

Stock Commentary:

Oriental Bank of Commerce is currently trading at Rs. 88.3, up by 0.95 points or 1.09% from its previous closing of Rs. 87.35 on the BSE.

The scrip opened at Rs. 85.65 and has touched a high and low of Rs. 89.7 and Rs. 85.25 respectively. So far 3399072(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 2807.41 crore.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 218.8 on 01-Jun-2015 and a 52 week low of Rs. 75.3 on 29-Feb-2016. Last one week high and low of the scrip stood at Rs. 88.5 and Rs. 83.15 respectively.

The promoters holding in the company stood at 55.17 % while Institutions and Non-Institutions held 32.73 % and 12.11 % respectively.

The stock is currently trading above its 200 DMA.

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