Oriental Bank of Commerce (OBC) is likely to reduce deposit rates in some of the term buckets, after its asset-liability committee meeting, which is scheduled next week to take a call on the issue. In mid-August, the bank had lowered its base rate by 10 basis points to 10.40%, signaling that interest rates may have peaked. It had also reduced interest rates on term deposits of Rs 15 lakh and above.
The bank has registered a rise of 10.35% in its net profit at Rs 391.42 crore for first quarter ended June 30, 2012 as compared to Rs 354.70 crore for the same quarter in the previous year. Total income of the bank has increased by 19.77% at Rs 4695.57 crore for Q1FY13 as compared Rs 3920.36 crore for the corresponding quarter previous year.
