OBC reported a net loss of Rs 1.8bn led by (1) income reversal of Rs 2.8bn on account of sale to ARCs in FY14 and (2) incremental provision of Rs 2bn to reach 15% wage hike. Post a series of disappointments, asset quality was a positive surprise with slippages at 2.1% ann. vs. 2.8% ann. seen in the last six qtrs.