OBC expects net profit to cross Rs 1,000 cr

State-owned Oriental Bank of Commerce said it expects net profit of the bank to cross the landmark level of Rs 1,000 crore by the end of the current fiscal.

Written by Agencies | New Delhi | Published: February 19, 2010 5:57:29 pm

State-owned Oriental Bank of Commerce today said it expects net profit of the bank to cross the landmark level of Rs 1,000 crore by the end of the current fiscal.

“Given the track record we should cross Rs 1,000 crore (net profit) during the current fiscal,” Oriental Bank of Commerce Chairman and Managing Director T Y Prabhu said after introducing mobile banking.

The bank has already posted a net profit of Rs 817 crore in the first three quarters of 2009-10.

During the last quarter September-December 2009,the bank reported a 14.76 per cent growth in net profit at Rs 289.43 crore.

Asked about the Net Interest Margin (NIM) outlook,Prabhu said,the fiscal should close with NIM of 2.25 per cent against 2.20 per cent last fiscal.

The NIM of the bank improved to 3 per cent at the end of the third quarter compared to 2.02 per cent in the same quarter previous fiscal.

Talking about the mobile banking facility introduced by the bank,Prabhu said “we are taking convenience to a new level by providing customers with an ability to stay connected with their bank even when they are on the go.” Customers shall now be able to make balance enquiries,make inter-bank or intra-bank fund transfer through his or her mobile phone,he said.

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