RBL Bank net profit drops 34% due to higher provisioning, lower NII

By Fe Bureau7 days ago

The provision coverage ratio (PCR) remained at 72.2% during the March quarter, compared to 64% in Q4FY20 and 68.8% in Q3FY21.

The capital adequacy ratio (CAR) remained at 17.5% with CET1 ratio of 16.6% at the end of March 2021.

Private lender RBL Bank on Monday reported a 34% year-on-year (y-o-y) drop in net profit to Rs 75 crore as core income declined and provisions rose. The lenders net interest income (NII) declined 11% YoY to Rs 906 crore. Similarly, provisions rose 25% YoY to Rs 766 crore. Operating profit, however, increased 17% YoY to Rs 877 crore.

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Banks MD and CEO Vishwavir Ahuja said, We are closely monitoring the pandemic and its impact on the economy and remain cautiously optimistic of a growth revival as the situation normalises.

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