RBL Bank Q3 profit slips 69% to Rs 70 cr on rise in bad loans; net interest income up 41% to 923 cr
However, total income increased to Rs 2,64,430 crore as against Rs 1,029.20 crore for the same period year ago, RBL Bank said in a regulatory filing.
The bank's total income increased to Rs 2,64,430 crore as against Rs 1,029.20 crore for the same period year ago
Asset quality of the bank deteriorated with gross NPAs rising to 3.33% of gross advances as on 31 December 2019
The net interest margin improved year-on-year basis to 4.57% in the reported quarter from 4.12%
New Delhi: RBL Bank on Wednesday reported a 69 percent dip in its net profit at Rs 69.9 crore for the quarter ended 31 December 2019 on account of rise in bad loans.
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The had registered a net profit of Rs 225.20 crore in October-December period of the previous fiscal.
However, total income increased to Rs 2,64,430 crore as against Rs 1,029.20 crore for the same period year ago, the bank said in a regulatory filing.
Net interest income was up 41 percent to Rs 922.6 crore during the quarter as against Rs 655.10 crore in the year-ago period.
Asset quality of the bank deteriorated with gross non-performing assets (NPAs) rising to 3.33 percent of gross advances as on 31 December 2019 from 1.38 percent in the year-ago period.
Net NPAs also rose to 2.07 percent of net loans from 0.72 percent in the corresponding quarter of 2018-19, the bank said.
As a result provisions (other than tax) and contingencies rose significantly to Rs 638.29 crore from Rs 160.68 crore in the same quarter a year ago.
However, the net interest margin improved year-on-year basis to 4.57 percent in the reported quarter from 4.12 percent.
The bank in a separate regulatory filing said it has approved re-appointment of Rajeev Ahuja as the executive director for a period of three years with effect from February 21, 2020, subject to the approval of the Reserve Bank of India (RBI).
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