RBL Bank on Saturday reported a multi-fold jump in net profit to Rs 202 crore in the July-September quarter compared to Rs 31 crore in a year ago on lower provisioning for bad loans.
Total income of the bank during the July-September quarter of 2022-23 rose to Rs 2,758.98 crore as against Rs 2,567.65 crore in same period of 2021-22, RBL Bank said in a regulatory filing.
Asset quality of the bank showed improvement with gross non-performing assets (NPAs) falling to 3.80 per cent of gross advances as of September 30, 2022, from 5.40 per cent by the end of September 2021.
Net NPAs also came down to 1.26 per cent from 2.14 per cent.
Bank's provisioning for bad loans and contingencies fell to Rs 242 crore for Q2FY23 from Rs 651.5 crore parked by the bank in Q2FY22.
R Subramaniakumar, MD&CEO, RBL Bank said, "We have completed H1 FY23 on a satisfactory note on all fronts. H1FY23's profitability over H1FY22 is substantially improved. The advances growth is starting to gain momentum and we expect to see this continue."
He said the granular deposit growth is picking up momentum and asset quality of the bank continues to be stable, with GNPA also trending down over earlier periods.
"Going forward our focus would be to consolidate, leverage and optimize our existing platform to accelerate profitable growth of the balance sheet. We will continue to focus on our key niche areas of cards and microfinance, while accelerating the diversification across more secured retail products by launching them in the next few months," the official said.
