INSUBCONTINENT EXCLUSIVE:
RBL Bank shares dropped as much as 15% to hit an intraday low of Rs 172.10.Shares of the Mumbai-based private lender - RBL Bank - dropped as
much as 15 per cent to hit an intraday low of Rs 172.10 a day after it reported September quarter earnings
RBL Bank's net profit declined sharply on account of higher provisioning in the second quarter of current financial year
The bank reported net profit of Rs 31 crore compared with Rs 144 crore during the same quarter last year, marking a decline 78 per cent
Its net interest income or the difference between interest earned on loans and interest expended on deposits declined 2 per cent to Rs 915,
annually from Rs 932 crore in the year ago period.RBL Bank's asset quality deteriorated as its gross non-performing assets (NPAs) as a
percentage of total advances came in at 5.4 per cent in September quarter compared with 4.99 per cent in the previous quarter
Its gross NPAs stood at Rs 3,131 crore
Net NPAs also jumped to 2.14 per cent from 2.01 per cent in the previous quarter.Its provisions for contingencies spiked 34 per cent
annually to Rs 651 crore versus Rs 488 crore in the corresponding period a year ago.During the quarter the bank added nine branches taking
total number of branches to 445."Our granular retail deposit traction continues to be robust
CASA deposits ratio reached an all-time high of 35.4 per cent this quarter
At the same time, we have been improving our competitiveness by reducing our cost of funds
The economic environment is bouncing back strongly as the pace of vaccination quickens in the country
Our Bank is also confident of reverting to normalised levels of business, growth and profitability from the current (Q3) quarter itself and
are on track to exit this financial year with strong profitability ratios setting us up well for FY23," Vishwavir Ahuja, MD - CEO, RBL Bank
said in a statement.As of 1:14 pm, RBL Bank shares traded 10 per cent lower at Rs 182, underperforming the Sensex which was down 0.76 per
