RBL Bank Q3 net profit dips 69% to Rs 70 crore on higher provisions

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RBL Bank on January 22 reported a 69 percent fall in its Q3 net profit following an increase in the provisions of the company.

The company net profit was at Rs 70 crore against Rs 225.2 crore in the same quarter last year.

Net interest income (NII) rose 40.8 percent at Rs 922.6 crore versus Rs 655.1 crore, YoY.

The private lender’s gross NPA was up at 3.33 percent against 2.60 percent and net NPA was up at 2.07 percent against 1.56 percent, QoQ.

In absolute terms, the gross NPA increased by 30 percent to Rs 2,010.5 crore, while net NPA was up 35.5 percent at Rs 1,236.4 crore.

Provisions of the company were up at Rs 638.3 crore versus Rs 533.3 crore, QoQ and versus Rs 160.7 crore, YoY.

The company’s loan growth stood at 20 percent YoY and 2 percent QoQ.

The net interest margin was at 4.57 percent against 4.31 percent and the provision coverage ratio was at 58.07 percent versus 58.50 percent, QoQ.