Business Standard

RBL Bank's Q2 net surges over 6 times as provisions decline sharply

Aiming for 15% growth in advances in FY23, 20% in FY24, said RBL Bank MD, CEO

RBL Bank: A capital guzzler among private banks
Premium

Bhaskar Dutta Mumbai
RBL Bank on Saturday reported a 554 per cent year-on-year surge in standalone net profit to Rs 201.55 crore in July-September quarter (Q2FY23) as a sharp decline in provisioning for bad loans from a year ago and healthy increase in net interest income boosted the private lender’s bottomline.

The massive year-on-year rise in net profit was also owing to a low base. On a sequential basis, the bank’s net profit was only marginally higher from Rs 201.16 crore a quarter ago.

According to the bank’s top management, provisions made for asset quality issues on account of the Covid crisis the same time

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Oct 22 2022 | 4:05 PM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com