Money & Banking

RBL Bank Q3 net profit surges to ₹147 crore

Our Bureau Mumbai | Updated on January 28, 2021 Published on January 28, 2021

Vishwavir Ahuja, Managing Director and CEO, RBL Bank

RBL Bank’s net profit more than doubled in the third quarter of the fiscal year to ₹147.06 crore as against ₹69.95 crore in the same period last fiscal.

For the quarter ended December 31, 2020, its net interest income fell by two per cent to ₹908 crore against ₹923 crore a year ago.

Net interest margin also fell to 4.19 per cent at the end of the third quarter this fiscal from 4.57 per cent a year ago.

Other income surged by 19 per cent to ₹580 crore in the October to December 2020 quarter versus ₹487 crore a year ago.

“Our capital and liquidity levels continue to be robust. It has been heartening to see the growth in the deposit franchise and we continue to grow granular deposits and reducing our funding and operating costs this financial year, making us more competitive as an institution,” said Vishwavir Ahuja, Managing Director and CEO, RBL Bank.

Provisions fell by two per cent to ₹609.76 crore in the third quarter this fiscal from ₹622.84 crore a year ago.

Gross non-performing assets eased to ₹1,050.21 crore or 1.84 per cent as on December 31, 2020 as against 3.33 per cent a year ago. Net NPAs stood at 0.71 per cent of net advances at the end of the third quarter this fiscal from 2.07 per cent a year ago.

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Published on January 28, 2021
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