BackRBL Bank Q2 net at ₹144 cr, says Maple gets RBI nod for buying upto 9.9% stake
Total Revenue grew 6% YOY to ₹1,388 crore Net Interest Income grew 7% YOY to ₹932 crores
PremiumPrivate sector lender RBL Bank today reported net profit of ₹144 crore in the quarter ended September 30, 2020. In the June quarter, the lender had posted profit of ₹141 crore while in the year-earlier quarter ₹54 crore.
RBL Bank today also informed that Reserve Bank of India has granted approval to Maple II B.V., for acquiring more than 5% but up to 9.99% of the paid up share capital of the RBL Bank Limited.
Other highlights of RBL Q2 earnings:
Total Revenue grew 6% YOY to ₹1,388 crore
Net Interest Income grew 7% YOY to ₹932 crores
NIM flat YoY at 4.34%
Other Income was ₹456 crores, up 37% QoQ
Core Fee income was ₹362 crores, up 52%
Net profit was ₹144 crores, up 165% YoY
Gross NPA ratio at 3.34% (3.45% in Q1FY21)
Net NPA at 1.38% (1.65% in Q1FY21)
Provision Coverage Ratio at 74.75% vs 70.46% in Q1FY21 (58.45% in Q2FY20); 11% increase in 2 quarters
COVID-related provisions of Rs. 310 crore in Q2FY21; total cumulative provisions of ₹664 crore (121bps of advances)
Commenting on Q2 earnings, Vishwavir Ahuja, MD & CEO, RBL Bank, said: “We are seeing growth revival especially in our retail businesses and being well positioned on capital and liquidity we are growing in our chosen segments. As a Bank, we have again achieved a robust set of numbers in this quarter and prudently added to our provisioning buffers. Despite the positive signals, we continue to focus on balance sheet protection, risk mitigation and capital conservation in the near term."
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