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Last Updated : Oct 28, 2020 05:10 PM IST | Source: Moneycontrol.com

RBI allows Maple Group to acquire up to 9.99% in RBL Bank

Maple Group was one of the investors that participated in the bank’s preferential issue. The central bank granted its approval to Maple for acquiring a more than 5 per cent but up to 9.99 percent stake in RBL Bank.

 
 
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Private sector lender RBL Bank on October 28 said the Reserve Bank of India has granted its approval to Maple Group to acquire up to a 9.99 percent stake in the bank.

"The Reserve Bank of India has granted its approval to Maple II B.V., for acquiring more than 5 per cent but up to 9.99 per cent of the paid up share capital of the RBL Bank Limited," the bank said in a note to exchanges .

Maple Group was one of the investors that participated in the bank’s preferential issue. The group had acquired rights to buy the stake and was waiting for permission from the banking regulator.

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RBL reported a standalone net profit of Rs 144.2 crore in July-September quarter as against Rs 54.3 crore posted in Q2 the previous financial year. The number was better-than-expected, as a CNBC-TV18 poll had estimated the number to the tune of Rs 126.2 crore.

Operating profit grew 12 percent year-on-year to Rs 720 crore. Total income for the quarter stood at Rs 2,533.47 crore against Rs 2567.68 crore year-on-year (YoY). Total deposits grew 3 percent YoY and 4 percent QoQ to Rs 64,506 crore.

Overall capital adequacy ratio stood at 16.5 percent. Net interest income grew 7.3 percent YoY to Rs 932.1 crore in Q2FY21 against Rs 868.7 crore in the corresponding quarter in FY21. A CNBC-TV18 poll had estimated NII at Rs 1,024 crore.

Net interest margin remained flat YoY at 4.34 percent. NIM was sequentially down due to a proactive reversal of interest income on non-wholesale advances expected to slip by Q3FY21, the bank said.

CASA grew 21 percent YoY and 8 percent QoQ to Rs 20,064 crore. CASA ratio increased to 31.1 percent against 30.1 percent in Q1FY21 (26.5 percent in Q2FY20). The average CASA ratio for Q2FY21 was 28.7 percent, the bank said.

The bank made a provision of Rs 525.6 crore against Rs 500.2 crore quarter-on-quarter and Rs 540.6 crore YoY. The bank's net non-performing assets (NPA) came at Rs 776 crore against Rs 932.7 crore QoQ, while gross NPA stood at Rs 1,912 crore against Rs 1,992 crore QoQ.

The bank reported slippages at Rs 145 crore against Rs 5 crore QoQ. Its total assets, as of the September quarter, stood at Rs 93,346.52 crore.
First Published on Oct 28, 2020 04:46 pm
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