RBL Bank Q3 profit up 34 percent but still lower than expected

RBL Bank reported a 34 percent increase in its standalone profit at Rs 209 crore in the December quarter, up from last year's Rs 156 crore. However, it was 3.2 percent lower than Street expectations.

Its net interest income was up nearly 14 percent at Rs 1,148 crore, from last year's Rs 1,010.4 crore. This exceeded Street expectations by 3.5 percent.

The bank's gross non-performing assets increased marginally by 0.5 percent at Rs 2,468.7 crore in the third quarter of this fiscal, from the previous quarter's Rs 2,456.6 crore. The gross NPA percent came in at 3.6 percent, down by 19 basis points from the previous quarter.

Meanwhile, it's net NPA remained unchanged from the previous quarter at Rs 789.9 crore. The net NPA percent dropped 8 bps from the previous quarter at 1.18 percent.

The private lender said it has 516 branches as well as 1,168 business correspondent branches as of December FY23. Of them, 298 are banking outlets. The bank's subsidiary RBL Finserve accounted for 821 business correspondent branches.

RBL Bank's shares ended nearly 1.6 percent higher on the Bombay Stock Exchange on Friday, January 20, at Rs 169.9 apiece.