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RBL Bank drops after dismal Q2 result
(23-Oct-2019, 09:25 Hours IST)  

RBL Bank's net profit slumped 73.4% to Rs 54.31 crore on a 42.9% increase in total income to Rs 2567.68 crore in Q2 September 2019 over Q2 September 2018.

The bank's gross non-performing assets (NPAs) stood at Rs 1539.10 crore as on 30 September 2019 as against Rs 789.21 crore as on 30 June 2019 and Rs 644.97 crore as on 30 September 2018.

The ratio of gross NPAs to gross advances stood at 2.60% as on 30 September 2019 as against 1.38% as on 30 June 2019 and 1.40% as on 30 September 2018.

The ratio of net NPAs to net advances stood at 1.56% as on 30 September 2019 as against 0.65% as on 30 June 2019 and 0.74% as on 30 September 2018.

The bank's provisions and contingencies rose 281.8% to Rs 533.30 crore in Q2 September 2019 over Q2 September 2018. Provision coverage ratio was 58.45% in Q2 September 2019 as against 69.45% in Q2 September 2018.

Vishwavir Ahuja, MD & CEO, RBL Bank said, given the difficult corporate credit environment the bank has faced challenges in a few corporate accounts. As a matter of prudence, the bank has taken higher than required provision on these accounts which has impacted our bottom line.

Meanwhile, the S&P BSE Sensex was down 35 points or 0.09% to 38928.36.

On the BSE, 18,378 shares were traded in the counter so far compared with average daily volumes of 17.45 lakh shares in the past two weeks. The stock hit a high of Rs 258.25 and a low of Rs 258.25 so far during the day.

The stock hit a 52-week high of Rs 716.55 on 28 May 2019. The stock hit a 52-week low of Rs 241.75 on 15 Oct 2019.

RBL Bank is a private sector bank. It offers services in six business verticals: corporate and institutional banking, commercial banking, branch and business banking, retail assets, development banking and financial inclusion, treasury and financial market operations. The bank had 346 branches as on 30 September 2019.

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