Equity Alert: OBC recoups losses despite Q1 mark-to-mkt loss report

[K.Karthik Raja]

Equity Alert: OBC recoups losses despite Q1 mark-to-mkt loss report
MUMBAI--1:20PM--Shares of Oriental Bank of Commerce recouped
losses, up
1% at 133 rupees, after falling 3% earlier in the day on a NewsWire18
report that it will make a provision of 1 bln rupees in Apr-Jun on
marked-to-market losses in its bond portfolio.
The stock recouped losses as most banks are likely to make
provision for marked-to-market losses.
"Most banks need to make provision for such differences, we need
to take into account total results and not just one statement,"
He expects the bank to report better earnings in Apr-Jun, as it
need not make any more "aggressive provisions" for the losses incurred
by Global Trust Bank.
Global Trust Bank was merged with Oriental Bank of Commerce in
2004.
So far today, 200,823 OBC shares have been traded on NSE.
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