GTB acquisition to hit profit: OBC

Oriental Bank of Commerce on Friday said its profit will dip this fiscal due to acquisition of the ailing Global Trust Bank and hinted at another round of voluntary retirement scheme to cut excess flab.

However, lower profit is a temporary phenomenon and GTB will contribute more than Rs 150 crore (Rs 1.5 billion) to OBC from 2006 onwards, OBC CMD B D Narang told reporters after addressing an Assocham-orgnanised seminar in New Delhi.

The OBC CMD said that the issue of VRS to employees would be taken up after amalgamation with GTB was over.

He said while work over liability side of amalgamation was over the asset part is still being worked out.