RBL Bank on Thursday reported a net profit of Rs 201.16 crore on a standalone basis for the quarter ended June as a fall in bad assets helped slash the provisioning requirements. There was a net loss to the tune of Rs 459.47 crore in the same quarter a year ago.
Compared sequentially, the net profit was higher than Rs 197.83 crore in the quarter ended March 2022. Bank’s total income in April-June period of 2022-23 rose to Rs 2,702.91 crore, as against Rs 2,679.19 crore in the same quarter of 2021-22, RBL Bank said in a regulatory filing.
The interest income during the quarter stood at Rs 2,089.34 crore, up from Rs 2,025.83 crore. The asset quality of the bank showed improvement with the gross non-performing assets (NPAs) falling to 4.08 per cent of gross advances by end of June 2022, from 4.99 per cent by end-June 2021.
Value-wise, the gross NPAs or bad loans were down at Rs 2,536.87 crore from Rs 2,911.28 crore. Likewise, the net NPAs came down to 1.16 per cent (Rs 697.13 crore) from 2.01 per cent (Rs 1,137.17 crore).
Fall in bad loans helped the private sector lender to cut down the provisioning (other than tax) and contingencies requirement substantially for Q1FY23 to Rs 253 crore, as against Rs 1,384.36 crore it had parked aside for Q1FY22. Stock of RBL Bank closed at Rs 94.95 apiece on BSE, up 4.05 per cent from previous close.