MUMBAI: Mid-tier private sector lender RBL Bank has reported a steep 24 per cent plunge in net income at Rs 222.5 crore in the September quarter as its asset quality worsened. On a sequential basis, the number fell steeper at 40.11 percent from Rs 372 crore.
In a statement Saturday, the city-based lender did not offer any reason for a fall in the bottom line. While loan sales and non-core fee income grew well the only negative seen is a 13 per cent in operational expenses.
The bank’s gross non-performing asset (NPA) ratio rose to 2.88 in the reporting period from 2.69 in June 2024 but declined from 3.12 in the September 2023 quarter. On the other hand, the net NPA ratio inched up to 0.79, compared to 0.74 in June 2024, and 0.78 in September 2023.
The chief executive R Subramaniakumar claimed the numbers are robust. Net interest income grew 9 per cent to Rs 1,615 crore and the net interest margin slipped to 5.04 percent from 5.35 per cent, while other income grew 25 per cent to Rs 1,733 crore and core fee grew 21 percent to Rs 1,591 crore, taking the total revenue to Rs 2,542 crore, which is more than 17 per cent from the year-ago period.
Operating expenses jumped 13 per cent to Rs 1,632 crore. However, Subramaniakumar did not offer a reason here as well. But cost to income ratio improved to 64.2 from 66.5.
Advances grew 15 percent to Rs 87,882 crore, of which retail loans grew 24 per cent to Rs 54,723 crore, giving it a retail-wholesale mix of 62:38. Of the total retail book, secured book grew 57 per cent. Deposits grew 20 percent to Rs 1,07,959 crore of which the low-cost Casa comprised 33.6 percent.
Retail disbursement grew to Rs 4,248 crore from Rs 4,152 crore in the reporting period. Housing loans soared 56 percent and rural vehicle finance grew 58 percent and commercial banking grew 17 percent.
The total provisions, including specific, general and contingent provisions stand at 102 percent.