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RBL Bank Q3 Results: Net profit Rs 156 crore, up 407% QoQ; NII grows 10.% to Rs 1,010 crore

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RBL Bank Q3 Results: Net profit Rs 156 crore, up 407% QoQ; NII grows 10.% to Rs 1,010 crore

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In its quarterly earnings report for Q3FY22, RBL Bank said its total deposits grew 10 percent YoY to Rs 73,639 crore, but fell 3 percent from Rs 73,588 crore reported in Q2FY22. The bank's CASA grew 21 percent YoY to Rs 25,318 crore, though it was a 5 percent quarterly dip from Rs 26,734. 

RBL Bank Q3 Results: Net profit Rs 156 crore, up 407% QoQ; NII grows 10.% to Rs 1,010 crore
RBL Bank Limited today reported a strong quarter on the bank of a healthy operating performance and a strong growth in its current accounts and savings accounts (CASA). In its quarterly earnings reports, the bank reported a Net Interest Income of Rs 1,010 crore, a 10.4 percent quarter-on-quarter increase and an 11 percent year-on-year increase.
The bank also reported a net profit of Rs 156 crore as against Rs 31 crore in the September quarter--a whopping growth of 407 percent. The bank's operating profit dropped 9 percent QoQ, from Rs 691 crore in Q2FY22 to Rs 631 crore in the latest quarter. As per the report, the bank's cost-to-income ratio was 61.3 percent.
In the report, the bank said its total deposits grew 10 percent YoY to Rs 73,639 crore, but fell 3 percent from Rs 73,588 crore reported in Q2FY22. The bank's CASA grew 21 percent YoY to Rs 25,318 crore, though it was a 5 percent quarterly dip from Rs 26,734.

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The bank reported a 0.61 percent return on assets, up from 0.12 percent in Q2FY22, and 4.97 percent return on equity, a healthy jump from the 0.98 percent reported in the previous quarter.
The bank's gross non-performing asset (NPA) ratio decreased from 5.4 percent in Q2FY22 to 4.97 percent, while its net NPA ratio too decreased from the previous quarter's 2.14 percent to 1.85 percent in the latest quarter.
“This has been a turnaround quarter as we have seen a sharp improvement in both profitability and asset quality. Our business and advances momentum are now firmly on a positive trajectory, and we expect this to continue with retail also returning to growth. As the stress from the pandemic abates and with the overall improvement in the economic environment, we are confident of continuing and improving this performance over the next fiscal," Rajeev Ahuja, interim MD and CEO of RBL Bank, said.
Ahuja said the bank touched the landmark of 500 branches in Q3FY22, having added 55 branches during the quarter. "In addition, the bank also has 1,424 business correspondent branches, of which 274 are banking outlets. RBL Finserve Limited (“RBL Finserve”), a 100 percent subsidiary of the Bank, accounts for 874 business correspondent branches," the bank said
"We plan to continue to invest in expanding our physical and digital footprint," Ahuja said.
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