RBL Bank’s Q2 profit rises 34% to Rs90 crore
RBL Bank’s Advances increased by 44% to Rs24,875 crore for the second quarter, against Rs17,279 crore a year ago
Mumbai: RBL Bank Ltd Wednesday said fiscal second-quarter profit rose 34% from a year ago on account of higher interest income.
Net profit increased to Rs.89.89 crore in the three months ended 30 September from Rs.66.93 crore a year ago.
Net interest income (NII), or the core income a bank earns by giving loans, rose 62.81% to Rs302.94 crore from Rs189.93 crore a year ago. Cost-to-income ratio for the September quarter stood at 54.36% compared with 60.93% a year ago.
Advances increased by 44% to Rs24,875 crore for the second quarter, against Rs17,279 crore a year ago. “We are targeting 30%-35% growth in advances over the next four years,” said Rajeev Ahuja, head strategy of RBL Bank.
Gross non-performing assets (NPAs) edged up to Rs274.65 crore from Rs161.61 crore a year ago. As a percentage of total loans, gross NPAs were 1.1% at the end of the September quarter, compared to 1.13% in the previous quarter and 0.93% in the year-ago quarter. Net NPAs stood at 0.55% for the first quarter compared to 0.66% in the last quarter and 0.48% a year ago.
Provision coverage ratio stood at 60.34% for the second quarter. Capital adequacy ratio was 14.55%.
On Wednesday, shares of RBL Bank closed 1.41% higher at Rs312.75 apiece on BSE, while Sensex declined 0.24% to 27984.37 points.
The earnings were released after market hours.