Press release from Business Wire India
Source: Oriental Bank of Commerce
Thursday, July 29, 2010 03:30 PM IST (10:00 AM GMT)
Editors: General: Consumer interest, Economy; Business: Banking & financial services, Business services, Financial Analyst, Stock exchanges
--------------------------------------------------
Oriental Bank of Commerce Announces Q1 Results for Financial Year 2010-11
New Delhi, Delhi, India, Thursday, July 29, 2010 -- (Business Wire India) -- -- OBC posts 118.36% rise in Net Interest Income (Y-O-Y).
-- Operating Profit increased by 59.08 % (Y-O-Y).
-- Net Interest Margin rises to 3.34%.
Sh. T.Y Prabhu, Chairman and Managing Director, Oriental Bank of Commerce, announced the financial results of the Bank for the Q1 for the Financial Year 2010-11, after the Board of Directors of the Bank adopted the Balance Sheet and Profit & Loss Statement in the Board Meeting held at New Delhi on 29.07.2010.
RESULTS AT A GLANCE FOR QUARTER ENDING JUNE 2010(Q1)
Operating Profit of the Bank for Q1 reaches Rs. 822.31 crore showing a growth of 59.08% (Y-O-Y).
Net Profit of the Bank for Q1 reaches Rs.363.01 crore showing a growth of 41.02% (Y-O-Y).
Return on Assets (ROA) of the Bank increases to to 1.03% as on 30th June, 2010 from 0.89% as on 30th June, 2009.
Bank's Net Interest Income (NII) for Q1 reaches Rs. 1057.24 crore recording a Y-O-Y growth of 118.36%.
Net Interest Margin (NIM) of the Bank for Q1 increased to 3.34% as against 1.83% as on 30th June, 2009.
BUSINESS GROWTH
1. Total Business : Total Business of the Bank stood at Rs.2,09,156 crore as on 30th June, 2010 showing an increase of Rs. 34,895 crore from Rs.1,74,261 crore as on 30th June, 2009 recording a Y-O-Y growth of 20.02%.
2. Deposits :
-- Total Deposits of the Bank grew by 19.83% (Y-O-Y) to Rs. 1,23,057 crore as on 30th June, 2010 from Rs. 1,02,695 crore as on 30th June, 2009.
-- The CASA Deposits of the Bank grew by 28.82% (Y-O-Y).
3. Advances :
-- Total Advances of the Bank showed a growth of 20.31% (Y-O-Y) to Rs. 86,098 crore as on 30th June,2010 against Rs. 71,566 crore as on 30th June, 2009.
-- The Credit Deposit Ratio stood at 70.16% as on 30th June, 2010.
-- Priority Sector Advances grew by 22.94% (Y-O-Y) out of which Direct Agriculture grew by 43.97% (Y-O-Y).
-- SME -No. of SME Accounts increased from 56,200 to 1,59,807 and Bank's Fund Based exposure from Rs.7080.24 crore to Rs.12,365.19 crore thereby registering a growth of Rs.5284.95 crore and an increase of 74.6% (Y-O-Y).
4. Profitability :
-- Net Profit of the Bank increased by Rs.105.60 crore to Rs. 363.01 crore as on 30th June,2010 from Rs.257.41 crore as on 30th June, 2009 recording a growth of 41.02 %( Y-O-Y).
-- Operating Profit of the Bank increased by Rs. 305.40 crore to Rs. 822.31 crore as on 30th June,2010 from Rs.516.91 crore as on 30th June, 2009 recording a growth of 59.08%( Y-O-Y).
-- Net Interest Income(NII) of the Bank increased by Rs. 573.07 crore to Rs. 1057.24 crore as on 30th June,2010 from Rs.484.17 crore as on 30th June,2009 showing an increase of 118.36%(Y-O-Y).
-- Bank earned a Non Interest Income of Rs. 214.73 crore during the quarter. Non Interest of the Bank excluding Treasury Income, grew by 27.07% (Y-O-Y).
5. Asset Quality :
-- Gross NPAs of the Bank as percentage to Total Advances stood at 1.74%.
-- Net NPAs of the Bank as percentage to Total Advances stood at 0.72%.
-- Cash Recoveries aggregating Rs. 69.95 crore effected during the Q1 of Financial Year 2010-11.
-- The NPA provision coverage stood at 80.39% as on 30th June, 2010 against the minimum prescribed level of 70%.
6. Capital :
-- The CRAR of Bank stood at 12.44% as on 30th June, 2010.
-- Return on Equity (ROE) stood at 19.97% as on 30th June, 2010 as against 15.85% as on 30th June, 2009.
-- Return on Assets (ROA) of the Bank goes up to 1.03% as on 30th June, 2010 from 0.89% as on 30th June, 2009.
-- Earnings per share (EPS) of the Bank stood at Rs.14.50 as on 30th June, 2010 as against Rs.10.27 as on 30th June, 2009.
-- Book Value of share increased to Rs.303.58 from Rs. 264.38 in June 2009.
7. Cost of Deposits : The Bank's Cost of Deposits declined to 5.61% as on 30th June,2010 as against 7.41% as on 30th June,2009.
8. Yield on Advances : The Bank's Yield on Advances stood at 10.03% as on 30th June,2010.
9. Business per employee : The Business per employee jumps to Rs.13.37 crore as on 30th June, 2010 from Rs. 11.78 crore as on 30th June,2009 registering a growth of 13.51% (Y-O-Y).
10. Business per Branch : The Business per Branch goes up to Rs. 137.06 crore as on 30th June,2010 from Rs.123.85 crore as on 30th June,2009 registering a growth of 10.66% (Y-O-Y).
Branch Network
During the quarter, Bank has opened 13 branches taking the branch network to 1526 branches as on 30th June, 2010.
During the quarter, Bank installed 59 ATMs increasing the number to 1034 which includes 6 Mobile ATMs and 2 Biometric ATMs.
Clientele
3.97 Lac Deposit Accounts were opened during the Q1 of Financial Year 2010-11.Total customer base reaches 1.40 crore (14 million).
HR Initiatives
During the quarter, Bank recruited 290 personnel including Specialist Officers.
Technology Initiatives
The Bank has leveraged its IT capability of 100% computerization on Core Banking Solution platform offering an array of IT based products viz. Internet Banking, Mobile Banking, Electronic Remittance facilities through RTGS/NEFT, Online Education Loan, E-Shoppe, e-taxes, Online Trading of shares, SMS alerts, Proton debit cards, Cash mate cards for students, Ready Kits.
There has been considerable increase in the usage of the Mobile Banking, Internet Banking, RTGS and NEFT transactions. The Bank is offering Internet Banking Services both for the Retail and Corporate customers and the Registered Users for Internet Banking is 2.92 lac.
The Bank has a total ATM Card base of 20.26 lac and about 76% of the transactions are happening through Alternate Electronic Delivery Channels. The Bank is offering International ATM cum Debit Card which is acceptable across large number of ATMs and POS Terminals across the globe. The Bank has also deployed Point of Sale (POS) Terminals at identified Merchant Establishments as an add-on product.
The Bank has already obtained ISO-27001 Certification for both its Data Centers at Delhi & Mumbai which conveys adoption of Global Standards by the Bank.
Insurance Joint Venture
During the first quarter of Financial Year 2010-11, the Bank marketed over 6000 policies with first premium collection of Rs.24.57 crore and booked gross commission income of Rs.10.11 crore from the operations of the Life Insurance Joint Venture of the Bank, viz. Canara HSBC Oriental Bank of Commerce Life Insurance Co. Ltd.
SME
No. of SME Accounts increased from 56,200 to 1,59,807 and Bank's Fund Based exposure from Rs.7080.24 crore to Rs.12,365.19 crore thereby registering a growth of Rs.5284.95 crore and an increase of 74.6% (Y-O-Y).
Financial Inclusion
During the quarter, Bank opened 77671 No Frill Accounts thus leading to total number of accounts to 10.17 Lac as on 30th June, 2010.
Bank has issued 9120 Biometric Cards during the quarter. The total number of Biometric Cards issued as on 30th June, 2010 is 1.10 lac.
2188 villages have been adopted by the Bank till 30th June, 2010.
205 Self Help Groups (SHGs) and Joint Liability Groups (JLGs) have been formed by the Bank during the quarter. 44300 Self Help Groups (SHGs) and Joint Liability Groups (JLGs) have been formed by the Bank till 30th June, 2010.
The Bank is already working as Lead Bank in three Districts viz. Ferozpur in Punjab, Sriganganagar in Rajasthan and Palwal in Haryana.
ROAD MAP FOR 2010-2011
Bank proposes to open 175 Branches during the current financial year.
Growth is projected at 23% in Deposits and 22% in Advances.
CASA Deposits are targeted to grow by 30%.
The customer base of the Bank is expected to reach 160 lac (16 million).
The Bank will focus on Agriculture, Mid-Corporate, SME, Priority Sector and Retail Credit to augment its Advances portfolio.
Bank proposes to recruit 1600 personnel including 373 Specialist Officers during the year.
Financial Inclusion Plan
Bank proposes to install 20 new biometric ATMs.
Bank proposes to issue an additional 44000 fresh Biometric Cards during the year in addition to 1.10 Lac cards already issued to facilitate payments to Old Age Pensioners and Beneficiaries of NAREGA and Government Sponsored Welfare Schemes.
Bank proposes to mobilize 2.75 lac fresh No-Frill Accounts.
Bank proposes to adopt 1000 more villages during year.
Bank proposes to cover 200 villages above the population of 2000 during the current Financial Year which shall be raised to 370 villages in the subsequent year.
Bank proposes to appoint 198 Business Correspondents during the year which shall cover also these villages and provide banking services like opening of No Frill accounts, Credit Linkage, Remittances and Acceptance of Variable Term and other Deposits.
Bank proposes to form 50000 new Self Help Groups (SHGs)/Joint Liability Groups (JLGs) during the year.
CONTACT DETAILS
Andy, Basic4 Advertising Pvt. Ltd., +91 9999573707, andy.designservices@gmail.com
KEYWORDS
CONSUMER, ECONOMY, BANKING, BUSINESS SERVICES, Financial Analyst, STOCK EXCHANGES, ORIENTBANK.NS, 500315.BO
If you wish to change your Business Wire India selection please click on this link http://www.businesswireindia.com/media/news.asp and use your personal username and password to login.
Submit your press release at http://www.businesswireindia.com
No comments:
Post a Comment