(From Business Line)
New Delhi, May 24 - ORIENTAL Bank of Commerce (OBC) has recorded a net profit of Rs 686 crore in 2003-04, a 50 per cent growth against Rs 457 crore in 2002-03. The operating profit was up by 31.8 per cent to Rs 1,533 crore as against Rs 1,163 crore.
The bank has announced a total dividend of 50 per cent for the year including the 20 per cent interim dividend it had paid earlier.
"The bank managed to increase its profit from Rs 457 crore in 2002-03 to Rs 686 crore in 2003-04 through high recovery of NPAs and reducing the cost of deposits," Chairman and Managing Director, Mr B.D. Narang said at a press conference here.