RBL Bank Posts Multi-Fold Jump In Q2 Profit
Net profit gained to Rs 202 crore in the quarter ended September, from Rs 31 crore in the year-ago period.
RBL Bank Ltd. on Saturday reported a multi-fold jump in July-September net profit riding on lower provisioning for bad loans.
Net profit gained to Rs 202 crore in the quarter ended September, from Rs 31 crore in the year-ago period.
Total income of the bank during the second quarter of fiscal 2023 rose to Rs 2,758.98 crore as against Rs 2,567.65 crore in same period of fiscal 2022, RBL Bank said in a regulatory filing.
The lender's asset quality improved with gross non-performing assets (NPAs) falling to 3.80% of gross advances as of Sept. 30, 2022, from 5.40% reported at the end of September 2021.
Net NPAs also came down to 1.26% from 2.14% in the quarter.
The bank's provisioning for bad loans and contingencies fell to Rs 242 crore for Q2 FY23 from Rs 651.5 crore parked by the bank in Q2 FY22.
R Subramaniakumar, the managing director and chief executive officer of RBL Bank said, "We have completed H1 FY23 on a satisfactory note on all fronts. H1 FY23's profitability over H1 FY22 is substantially improved. The advances growth is starting to gain momentum and we expect to see this continue."
He added that the granular deposit growth is picking up pace, while the asset quality of the bank continues to be stable, with the 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.