The midcap stock last Friday reported a standalone profit of Rs 201.55 crore for the September quarter of FY23.
Private sector lender RBL Bank came under selling pressure on Tuesday as higher provisions for bad loans as of September end hit investor sentiment. RBL shares were trading 3.69 percent at Rs 122.50 at 11.38 am on BSE.
Recommended ArticlesView All
Here’s why 2022 has been a very different year for two of India’s biggest AC makers
IST5 Min(s) Read
The midcap stock last Friday reported a standalone profit of Rs 201.55 crore for the September quarter of FY23. The profit in Q2FY22 was hit by higher provisions for bad loans, while the growth was almost flat sequentially.
The net interest income (NII) grew 16 percent year-on-year to Rs 1,064 crore for the quarter under review. Net interest margin rose to 4.55 percent.
Gross non-performing assets (NPAs) as a percentage of gross advances improved to 3.8 percent for the September quarter, down 28 bps sequentially. But there was a 10 bps QoQ increase in net NPA at 1.26 percent, according to the bank.
The provision coverage ratio including technical write-offs dropped to 84.3 percent as of September FY23, down from 85.3 percent in the previous quarter, but improved from 76.6 percent YoY.
In the first half of FY23, RBL Bank recorded a standalone profit of Rs 403 crore against a loss of Rs 429 crore in the same period last year, with a significant fall (76 percent YoY) in provisions and contingencies at Rs 494 crore.
“We have completed H1 FY23 on a satisfactory note on all fronts. H1FY23’s profitability over H1FY22 is substantially improved," R Subramaniakumar, MD & CEO of the bank said.