Oriental Bank of Commerce on Wednesday reported that its net profit for the fourth quarter ended March 31, 2014 was almost flat at Rs 310 crore compared to the same period a year ago as provisions surged amid a decline in asset quality due to rising interest rates and a slowdown in Asia's third biggest economy.
In Q4 FY 2012-13, the state-run lender had posted a net profit of Rs 308 crore, Oriental Bank of Commerce said in a filing to the Bombay Stock Exchange (BSE).
Net interest income rose by 8 per cent at Rs 1,309 crore in Q4 FY 2013-14 from Rs 1,214 crore in the same period a year ago.
Other income grew by 63 per cent at Rs 755 crore in Q4 FY 2013-14 from Rs 462 crore in the same period a year ago.
Provisions (other than tax) and contingencies grew by 23 per cent at Rs 931 crore in Q4 FY 2013-14 from Rs 759 crore in the same period a year ago.
The percentage of gross non-performing assets climbed marginally to 3.99 per cent in Q4 FY 2013-14 from 3.21 per cent in the year ago period while the percentage of net non-performing assets rose to 2.82 per cent from 2.27 per cent.