Online edition of India's National Newspaper
Thursday, Apr 24, 2008
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Online edition of India's National Newspaper Thursday, Apr 24, 2008 ePaper | Mobile/PDA Version |
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PROVISIONING TAKES A TOLL: Alok K. Misra, Chairman and Managing Director, Oriental Bank of Commerce, addressing a press conference in New Delhi on Wednesday. Allen C. A. Pereira (left), Executive Director, OBC, looks on. NEW DELHI: Oriental Bank of Commerce has incurred a net loss of Rs. 99.44 crore for the fourth quarter ended March 31, 2008, largely on account of the provisioning for losses of Global Trust Bank (GTB), which it acquired in 2004. In the corresponding quarter of the previous fiscal, the bank, with a network of 1,402 branches, had reported a profit of Rs. 54.86 crore. Notwithstanding this loss in the fourth quarter, Alok K. Misra, Chairman and Managing Director, exuded confidence that the bank would achieve the targeted 25 per cent growth in its total business in the current fiscal as he acknowledged that the fourth quarter number was down because of advancing of write-off of amortised GTB losses for 2008-09 of Rs. 242 crore. Sharing the annual financial results for 2007-08 with media, he said the bank had acquired GTB in 2004 and had been making provisioning of Rs. 246 crore every year for the losses, aggregating Rs. 1,250 crore that the private sector bank brought. The bank’s board has recommended a dividend of 47 per cent for fiscal 2008. The bank has posted a net profit of Rs. 353.22 crore for the year ended March 31, 2008, as compared to Rs. 580.81 crore in the preceding fiscal, a drop of 39 per cent. Total business of the bank stood at Rs. 1.33 lakh crore at the end of March 2008, an increase of 22 per cent. Similarly, total income has increased to Rs. 7,454.84 crore from Rs. 5,652.91 crore in the previous year. On capital raising plan, he said the bank had headroom to raise about Rs. 2,200 crore from a mix of Tier-I and Tier-II capital. “We will raise it as and when required to maintain the capital adequacy ratio over 12 per cent,” he said.
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