RBL Bank shares surge nearly 7 pc after Q2 profit jumps

Shares of RBL Bank today surged nearly 7 per cent after the company reported a 34 per cent increase in net profit for the July-September quarter.
The stock, after making a positive opening, further gained 6.98 per cent to Rs 334.60, its 52-week high, on BSE.
On NSE, shares of the company soared 6.89 per cent to touch its one year high of Rs 335.
Recently-listed RBL Bank yesterday reported a 34 per cent increase in the September quarter net at Rs 89.9 crore on a healthy rise in core interest income, which was fuelled by loan book expanding at a faster clip.

The bank had reported a net profit of Rs 66.9 crore in the corresponding quarter of last fiscal, RBL Bank said in a BSE filing.
But for a Rs 28.47-crore exceptional hit on account of buying a 9.88 per cent stake in the micro-lender Utkarsh Micro Finance, the profit growth would have been much higher, the private lender said.
The core net interest income grew 60 per cent during the reporting quarter to Rs 302.94 crore on a 44 per cent rise in advances, while the other income was up 51 per cent to Rs 169.11 crore.
The gross non-performing assets (NPAs) ratio increased to 1.10 per cent in the three-month period from 0.93 per cent at the end of second quarter of 2015-16.