Will maintain NIMs at current level in coming quarters: OBC

Suresh N Patel, E-D, Oriental Bank of Commerce doesn't expect slippages to worsen from September quarter levels.

Fresh restructuring likely to be at Rs 500-700 crore for coming quarters

Suresh N Patel

ED

Oriental Bank of Commerce

In an interview to CNBC-TV18, Suresh N Patel, ED,  Oriental Bank of Commerce spoke about the latest happenings in the bank and the way ahead.

The public sector lender recently cut interest rates on retail term deposits for 1-2 years . He said the bank's focus will continue to be on retail operations going ahead.

The bank expect to maintain NIMs at current  level in the coming quarters, he added.

Below is the verbatim transcript of Suresh N Patel's interview with CNBC-TV18's Ekta Batra and Anuj Singhal.

Ekta: Can you just go through what sort of cut in deposits have you undertaken by how much and do you think there is more room for deposit rate cuts?

A: We have realigned our rates. According to us our rate was slightly higher, so in the bracket of one-two years it was nine percent. So we have reduced by 10 basis points to 8.9. That is the only change we have done in this bracket and the other rates are same.

Ekta: Do you see a room for further cut in deposit rates from the 8.9 percent and when do you think a possible lending rate cut would be something that Oriental Bank of Commerce (OBC) would contemplate?

A: As far as this bracket is concerned still some banks are having it still lower, but right now we will not take in immediate future any further call on this. We will wait and watch and as regards cutting base rates maybe in the next year i.e. 2015 when Reserve Bank of India (RBI) will give a call on rate cut on repo at that point probably we will decide on base rate.

Oriental Bank stock price

On December 09, 2014, at 14:12 hrs Oriental Bank of Commerce was quoting at Rs 307.50, down Rs 11.25, or 3.53 percent. The 52-week high of the share was Rs 377.30 and the 52-week low was Rs 160.50.

The company's trailing 12-month (TTM) EPS was at Rs 39.71 per share as per the quarter ended September 2014. The stock's price-to-earnings (P/E) ratio was 7.74. The latest book value of the company is Rs 447.91 per share. At current value, the price-to-book value of the company is 0.69.

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