Private sector RBL Bank on Thursday posted a 110% rise in its net profit year-on-year at Rs.147.1 crore in the quarter ended December 31, 2020. In the corresponding quarter, the Mumbai-headquartered bank posted a net profit of Rs.6,995 crore.
Its total revenue grew by 6% year-on-year to Rs.1,488 crore as against Rs.1,388 crore a year ago, RBL Bank said in a regulatory filing. The net interest income fell 2% to Rs.932 crore.
The bank's gross non-performing assets fell to 1.84% of the gross advances at the December quarter, compared to 3.33% in the corresponding quarter last year. Net NPAs also fell 0.71% as against 2.07% in the year-ago period.
The December-quarter provisions and contingencies stood at Rs.610 crore versus 623 crore year ago.
RBL also said that its Q3 asset quality improved on a sequential basis in absolute as well as percentage terms.
"COVID-19 is a global pandemic, which continues to spread across the globe and has contributed to increase in volatility in financial markets and an unprecedented level of disruption on socio-economic activities. The extent to which the COVID-19 pandemic will impact the Bank's operations and asset quality will depend on future developments, which are highly uncertain," the private lender said in a regulatory filing.
During the quarter and nine months ended December 31, 2020, the bank has raised additional capital of Rs.156,600 lakh on preferential basis through an issuance of 88,474,577 fresh equity share of face value of Rs.10 each at a price of Rs.177.
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