New Delhi, Aug 13: Oriental Bank of Commerce today said its net profits as per the US GAAP accounting shot up by 25 per cent at Rs 572 crore in 2002-03 compared to Rs 457 crore as per Indian accounting standards.
OBC, which is one among a few public sector banks to take a lead in making the accounts in the us generally accepted accounting principles, also reported a 59 per cent rise in the shareholders' funds (capital and reserves) at Rs 3,369 crore as per the US GAAP against rs 2,109 crore by indian accounting system.

This revelation by one among the top 10 banks comes at a time when the country's largest private sector ICICI Bank had reported a dip in profits as per US GAAP.
As per the Indian accounting standards, the Oriental Bank of Commerce had reported 43 per cent rise in net profits at Rs 457 crore for 2002-03.

This positive outcome also comes a time when there are apprehensions in the market over adopting the US GAAP because of the country-specific problems faced by banks, especially in view of non-performing assets and the mandatory 40 per cent lending norms to priority sector. Bureau Report