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RBL Bank Q3: Net profit up by 33% to ₹209 cr; NII by14%

Private lender RBL Bank on Friday reported net profit for December 2022 quarter at 208.97 crore, up by 33 per cent . It was 156.1 crore in the year-ago period.

The net interest income (NII) up by 14 per cent during the third quarter to 1,148 crore as against 1,010 crore in the same quarter last year.

The bank’s total revenue grew 11 per cent year-on-year to 1,767 crore, while other income grew 6 per cent year-on-year to 618 crore.

Gross NPA ratio improved to 3.61% as compared to 3.80% in September quarter and net NPA ratio was 1.18% as compared to 1.26% in September quarter.

The bank’s net advances grew 15 per cent to 66,684 crore from 58,141 in the corresponding quarter last fiscal. The retail advances grew 13 per cent to 34,977 crore from 30,900 YoY.

RBL Bank has 516 bank branches and 1,168 business correspondent branches, of which 298 are banking outlets.

“We have had another quarter of improving operating performance and we are confident of continuing this trend in coming quarters. Our Business growth, driven by granular advances and deposits growth, continues to improve, in line with our strategy and execution. Our initiatives over the last six months on new product launches, and scale up of granular retail products are also starting to bear fruit. As these products scale up, we expect growth to become more broad based. Our asset quality and capital position continues to be healthy giving us the runway to accelerate profitable growth of the balance sheet,” said R Subramaniakumar, MD&CEO, RBL Bank.

On Friday, RBL Bank shares closed 1.58% at 169.90 apiece on BSE.

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