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Midcap private sector lender RBL Bank on Saturday reported net profit to ₹202 crore for the September quarter as compared to ₹31 crore in a year ago period on account of lower provisioning for bad loans.
The net interest income (NII) grew 16 percent year-on-year to ₹1,064 crore during the July-September quarter. Total income of the bank during the quarter rose to ₹2,758.98 crore as against ₹2,567.65 crore in the corresponding period.
RBL Bank’s asset quality showed improvement with gross non-performing assets (NPAs) falling to 3.80 per cent of gross advances as of September 30, 2022, from 5.40 per cent by the end of September 2021.
Net NPAs also came down to 1.26 per cent from 2.14 per cent.
RBL Bank’s provisioning for bad loans and contingencies fell by 26 per cent to ₹242 crore for Q2FY23 from ₹651.5 crore parked by the bank in Q2FY22 and 3 percent on a sequential basis.
“We have completed H1 FY23 on a satisfactory note on all fronts. H1FY23’s profitability over H1FY22 is substantially improved. The advances growth is starting to gain momentum and we expect to see this continue,” said R Subramaniakumar, MD and CEO, RBL Bank.
He said the granular deposit growth is picking up momentum and asset quality of the bank continues to be stable, with GNPA also trending down over earlier periods.
“Going forward our focus would be to consolidate, leverage and optimize our existing platform to accelerate profitable growth of the balance sheet. We will continue to focus on our key niche areas of cards and microfinance, while accelerating the diversification across more secured retail products by launching them in the next few months,” the official said.
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