Private lender RBL Bank has reported a 163% YoY growth in its net profit for the quarter ending in March 2022.
Profit for the quarter in question came in at Rs 198 crores against Rs 75 crores for the corresponding quarter last year. The bank's Net Interest Income surged 25% YoY to Rs 1,131 crores.
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Operating profit declined 11%, other income was down 7%, core fee income fell by 4% while retail advances contracted by 9% YoY and wholesale advances grew by 18%. The bank's provisions declined by 36% to Rs 401 crores. The Gross NPA for the private lender stood at 4.4% while the Net NPA was 1.34% as asset quality saw minor improvement.
"This quarter has been one of stable business performance and we continued to improve in both profitability and asset quality. We are entering the new fiscal with a relatively clean slate on asset quality, remain well-capitalized and our business operating rhythm holds us in good stead to grow meaningfully in our chosen segments with improved profitability metrics," said Rajeev Ahuja, MD & CEO of RBL Bank.
The scrip of RBL has been consistently declining since April as yesterday's close at Rs 101.70 marked a 28% decline. Investors saw some hope as the stock surged 9% today after witnessing a partial gap-up opening. The share closed today at Rs 110.85 per share.
Article by Aman Agarwal.
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