Midcap private sector lender RBL Bank reported net profit on Saturday 202 crore for the September quarter 31 crore in the year-ago period due to lower provisioning for bad loans.
Net interest income (NII) grew 16 percent year-on-year 1,064 crore during the July-September quarter. Bank’s net income increased during the quarter 2,758.98 crore as against 2,567.65 crore in the same period.
RBL Bank The asset quality improved with gross non-performing assets (NPAs) falling to 3.80 per cent of gross advances as on September 30, 2022 from 5.40 per cent at the end of September 2021.
Net NPAs also declined to 1.26 per cent from 2.14 per cent.
RBL Bank’s provisioning for bad loans and contingencies fell to 26 per cent 242 crores for Q2FY23 from 651.5 crore by the bank in Q2FY22 and 3 per cent on a sequential basis.
“We have completed H1 FY23 on a satisfactory note on all fronts. Profitability of H1FY23 has improved significantly over H1FY22. Advance growth is starting to gain momentum and we expect it to continue,” said R Subramaniakumar, MD And the CEO said, RBL Bank,
He said fine deposit growth is picking up and the bank’s asset quality remains stable, with GNPAs also trending downwards in the earlier period.
“Going forward, our focus will be on strengthening, leveraging and optimizing our existing platform to accelerate profitable growth of the balance sheet. We will continue to focus on our core niche areas of Cards and Microfinance, while remaining more secure. Accelerating diversification into retail products. They will be launched in the next few months.”
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