Mumbai: State-owned banks on Thursday showed a mixed trend in their quarterly results, while one private sector lender reported better than expected profits.
Delhi-based Oriental Bank of Commerce (OBC) reported a 62.5% rise in profit for the three months ended 31 March, while Hyderabad-based Andhra Bank reported a 19.42% increase. Chennai-based Indian Overseas Bank (IOB) reported a sharp 60.46% dip in profit. Privately owned ING Vysya Bank Ltd reported a 38.23% rise in quarterly profit to Rs67.91 crore.
OBC reported a net profit of Rs317 crore, while Andhra Bank’s profit was at Rs240.29 crore and IOB’s profit was at Rs127.44 crore.
“The profit has come out of core operation,” said T.Y. Prabhu, chairman and managing director of OBC. The bank’s net interest income, an indicator of core performance, rose 115% to Rs989 crore. The bank’s cost of deposit declined to 6.57% as on 31 March, compared with 7.52% a year ago.
IOB’s total income decreased to Rs2,829.80 crore for the March quarter, compared with Rs3,134.19 crore for the same period last year, IOB said in a filing to the Bombay Stock Exchange.
ING Vysya’s total income for the quarter fell to Rs715.82 crore as against Rs756.78 crore a year ago. Andhra Bank’s net interest income for the quarter was at Rs656 crore against Rs395 crore a year ago. The net interest margin of the bank, a key gauge of profitability, rose to 3.21% against 3.03% a year ago.
(Anup Roy contributed to this story.)