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.

Press Trust of India January 22, 2020 18:26:43 IST
RBL Bank Q3 profit slips 69% to Rs 70 cr on rise in bad loans; net interest income up 41% to 923 cr
  • 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.

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.

RBL Bank Q3 profit slips 69 to Rs 70 cr on rise in bad loans net interest income up 41 to 923 cr

Representational image. Reuters

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).

Updated Date:

Subscribe to Moneycontrol Pro at ₹499 for the first year. Use code PRO499. Limited period offer. *T&C apply

also read

India's GDP may turn positive at 1.3% in Dec quarter of FY2020-21: DBS Bank report
India

India's GDP may turn positive at 1.3% in Dec quarter of FY2020-21: DBS Bank report

The government will release the GDP numbers for the October-December quarter of the current fiscal on Friday

Bank holidays in March 2021: Banks to remain close for business on these dates; check full list
Business

Bank holidays in March 2021: Banks to remain close for business on these dates; check full list

Apart from these days, several banks might remain closed mid-March as many unions have called for a nationwide strike against the government's plan for making the banking sector private. The two-day-long strike is on 15 and 16 March.

Centre and states need to act in coordination to reduce tax on fuel, says RBI governor Shaktikanta Das
Business

Centre and states need to act in coordination to reduce tax on fuel, says RBI governor Shaktikanta Das

Das said that such coordination is needed because both the Centre and states impose taxes on fuel