RBL Bank posts net profit of ₹201 crore
PremiumRBL Bank’s net interest income (NII) rose 6% to ₹1027.1 crore in the quarter under review as against ₹969.5 crore in the same period last fiscal. Its net interest margin (NIM) stood at 4.36%.
MUMBAI : RBL Bank bounced back in profit as the lender posted net profit of ₹201 crore for the quarter ended 30 June, 2022 owing to lower provisions. The bank had posted a net loss of ₹459 crore in the year-ago period.
The bank’s net interest income (NII) rose 6% to ₹1027.1 crore in the quarter under review as against ₹969.5 crore in the same period last fiscal. Its net interest margin (NIM) stood at 4.36%.
Loan book grew 7% year on year to ₹60,270 crore. However advances growth remained flat on a sequential basis, driven by credit cards and wholesale book. Deposit growth also remained muted at 6% year on year at ₹79,216 crore.
Asset quality improved with Gross non-performing assets ratio at 4.08% compared to 4.40% as on 31st March 2022. Provisions against bad loans however fell to ₹253 crore at the end of June quarter as against ₹1384 crore in the corresponding period last year and ₹400 crore at the end of March quarter.
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“Our asset quality position is improving and we expect credit cost to be sharply lower this year. Profitable growth will continue. Our focus will be on growing granular deposits even as we run off surplus liquidity. Capital position continues to be robust and we don’t anticipate any liquidity capital for next 18-24 months," said R Subramaniakumar, the newly appointed MD & CEO of RBL bank.
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