RBL Bank net profit declines 54% in March quarter

RBL Bank reported a 54 per cent decline in its net profit to Rs 114 crore for the March 2020 quarter, as the provisioning for bad loans spiked manyfold.

The private sector lender had registered a net profit of Rs 247 crore in the corresponding quarter of the previous financial year. Sequentially, the bank posted a net profit of Rs 70 crore in the third quarter ended December 2019.

Its total net income, however, grew 33 per cent to Rs 1,522 crore in the January-March 2020 period, from Rs 1,148 crore earned in the corresponding period of 2018-19, RBL Bank said in a regulatory filing.

The bank's net interest income jumped 38 per cent to Rs 1,021 crore, compared with Rs 739 crore a year ago.

The net interest margin (NIM), which is the difference between interest earned and expended, was at a new all-time high of 4.93 per cent in fourth quarter of 2019-20, a rise of 42 basis points as against 4.56 per cent in the year-ago quarter.

 

Asianet.in/ Desk: Asianet Online