Money & Banking

RBL Bank Q2 net profit surges to ₹144 cr

Our Bureau. Mumbai | Updated on October 28, 2020

Maple gets RBI nod to pick up 9.45% stake

Private sector lender RBL Bank’s net profit shot up to ₹144.16 crore in the second quarter of fiscal against ₹54.13 crore in the same period a year ago.

For the quarter ended September 30, 2020, its total income was ₹2,533.47 crore, about 1.3 per cent lower than ₹2,567.68 crore a year ago.

Net interest income increased by 7 per cent to ₹932 crore in the second quarter of the fiscal from ₹869 crore a year ago. Net interest margin was 4.34 per cent as on September 30, 2020, versus 4.35 per cent a year ago.

Other income increased by three per cent on an annual basis to ₹456 crore in the quarter under review.

Provisions declined marginally by 2.8 per cent and stood at ₹525.57 crore in the second quarter of this fiscal from ₹540.58 crore in the same period a year ago.

Gross non-performing assets were at ₹1,911.72 crore or 3.34 per cent of gross advances as on September 30, 2020, against 3.45 per cent on June 30, 2020, and 2.6 per cent as on September 20, 2019.

Net NPAs were at 1.38 per cent of net advances as on September 30, 2020, from 1.56 per cent a year ago.

RBI approval

In a separate statement, RBL Bank said the Reserve Bank of India has granted its approval to Maple II BVfor acquiring more than 5 per cent stake but up to 9.99 per cent of the paid-up share capital of the lender.

RBL Bank had, in August, said it will raise ₹1,556 crore through a preferential issue of shares. Maple II BV (affiliated to Baring PE) will hold 9.45 per cent in the lender and invest about ₹1,000 crore.

Vishwavir Ahuja, Managing Director and CEO, RBL Bank, said the funds are likely to flow in the next 10 days. “With this accretion, our total capital position will become 18.7 per cent and ₹12,000 crore,” he said.

Other investors in the preferential issue include CDC Group, ICICI Prudential Life Insurance, Gaja Capital Fund II, and Gaja Trustee Company (on behalf of Gaja Capital India AIF).

Published on October 28, 2020

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