RBL Bank Ltd, formerly known as Ratnakar Bank, reported a 59% year-on-year increase in net profit for the December quarter, benefiting from higher interest and non-interest income.
The bank’s profit rose to Rs128.69 crore in the three months from Rs81.05 crore a year ago.
Net interest income, the difference between interest earned on loans and that paid on deposits, rose 45% from a year ago to Rs321.58 crore in the fiscal third quarter. Non-interest income including fees and commissions rose 66% year-on-year to Rs182.26 crore.
The net interest margin for October-December widened to 3.38% from 3.24% a year ago.
Gross non-performing assets (NPAs) as a ratio of gross advances as of 31 December were at 1.06%, lower than 1.1% as of 30 September. The net NPA ratio at the end of the third quarter was 0.52%, down from 0.55% in the second quarter.
Net advances as on 31 December were at Rs26,773.12 crore as against Rs18,299.66 crore a year ago. Deposits grew to Rs30,005.14 crore as of 31 December, 2016 from Rs20,847.44 crore a year ago. Current account savings account (CASA) deposits grew 82.85% during the same period, the bank said in a statement.
“During the last two months of the third quarter, we were able to reprice some of our fixed deposits lower. In a period when you are getting a good flow of low-cost deposits, you don’t want to end up with a lot of liquidity without places to deploy it,” said Rajeev Ahuja, chief operating officer, RBL.
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