28 Jan 2022 , 01:17 PM
RBL Bank reported a 6% yoy growth in net profit at Rs156cr in Q3FY22 against Rs147cr in Q3FY21. The net interest income rose 11% yoy to Rs1,010cr from Rs908cr in Q3FY21.
The profit was on the back of a 30% fall in provisions on a yoy basis to Rs424cr from Rs606cr in Q3FY21. The net interest margin, a key measure of profitability, rose 20 bps sequentially to 4.3%.
Advances grew 3% yoy to Rs58,141cr. Deposits grew 10% to Rs73,639cr. Current account savings account (CASA) deposits grew 21% yoy to Rs25,318cr and the CASA ratio as of December 31, 2021, stood at 34.4%, up from 31.1% as of December 31, 2020.
Gross NPA ratio and Net NPA ratio at 4.84% and 1.85% vs. 5.40% and 2.14%, respectively in Q2FY22. Provision Coverage Ratio at 62.9% vs 61.7% in Q2FY22, up 1.28% qoq.
At around 1.20 pm, RBL Bank Ltd was trading at Rs150.65 per share down by Rs2.6 or 1.7% from its previous closing of Rs153.25 per share on the BSE.
As of date, the Bank has 500 bank branches an increase of 55 branches from September 30, 2021. In addition, the Bank also has 1,424 business correspondent branches, of which 274 are banking outlets. RBL Finserve Limited (RBL Finserve), a 100% subsidiary of the Bank, accounts for 874 business correspondent branches.
Rajeev Ahuja, interim MD and CEO, said “This has been a turnaround quarter as we have seen a sharp improvement in both profitability and asset quality. Our business and advances momentum are now firmly on a positive trajectory, and we expect this to continue with retail also returning to growth. As the stress from the pandemic abates and with the overall improvement in the economic environment, we are confident of continuing and improving this performance over the next fiscal.
Today, we also reached the landmark of 500 bank branches, and we plan to continue to invest in expanding our physical and digital footprint.
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