RBL Bank Q2 Net profit increases 46%, aided by rise in core income

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Published on

October 21, 2023

RBL Bank reported a significant 46% year-on-year increase in net profit, reaching Rs 294 crore for the quarter ending in September.
Net Interest Income (NII) increased by 26% year-on-year and 4% quarter-on-quarter, totaling Rs 1,475 crore.
Provisions for the quarter surged more than 2.6 times to Rs 640 crore, driven by contingent provisions in the microfinance and credit card segments, and changes in the credit card provisioning policy.
The bank’s Gross Non-Performing Assets (NPA) ratio declined to 3.12% year-on-year, and the Net NPA ratio reduced to 0.78% during Q2 FY24.
The bank’s CEO is optimistic about the future, expecting credit costs for the year to be between 1.5% and 2% and Net Interest Margins (NIMs) to be in the range of 5.5% to 5.6% going forward.