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    RBL Bank Q3 Results: Profit jumps 34% YoY to Rs 209 crore, NII up 14%

    Synopsis

    “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 the scale up of granular retail products are also starting to bear fruit

    RBL Bank Q3 Results: Profit jumps 34% YoY to Rs 209 crore, NII up 14%Agencies
    Private sector lender RBL Bank today reported a 34% year-on-year (Y-o-Y) rise in its December quarter net profit to Rs 209 crore, while its net interest income (NII) grew 14% YoY to Rs 1,148 crore.

    The bank's net NPAs as on December 31, 2022, improved to 1.18% against 1.26% as on September 30, 2022.

    “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 the 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,"said R Subramaniakumar, MD & CEO of RBL Bank.

    During the quarter, the bank's total deposits increased by 11% to Rs 81,746 crore, while net advances grew 15% to Rs 66,684 crore.

    Its net interest margin or NIM rose to 4.74% in the quarter under review, higher by 40 bps year-on-year and 19 bps quarter-on-quarter.

    RBL Bank maintained as on December 31, 2022, it has 298 banking outlets, 516 bank branches and 1,168 business correspondents. RBL Finserve, a 100% subsidiary of the bank, accounts for 821 business correspondent branches.

    The bank's PCR ( including technical write-offs) stood at 84.7% as on December 31, 2022, against 78.6% in the year-ago period.

    The CASA deposits increased 18% YoY to Rs 29,948 crore. While the CASA ratio in Q3FY23 stood at 36.6% compared to 34.4% in Q3FY22.

    Shares of RBL Bank today ended 1.6% higher at Rs 170. The stock has also risen about 78% in the last six months.

    RBL Bank is one of India’s leading private-sector banks with an expanding presence across the country. The bank offers specialised services under five business verticals such as corporate & institutional banking, commercial banking, branch & business banking, retail assets and treasury and financial markets operations.



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    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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