October 21, 2024
New Delhi, India
RBL Bank shares
RBL Bank shares fell 13% on Monday, October 21, following a disappointing Q2 performance. The bank reported a 24% decline in net profit, dropping to ₹294.1 crore, missing analyst expectations of ₹278.3 crore. Despite a 9.5% increase in Net Interest Income (NII), the bank’s asset quality deteriorated, with Gross NPAs rising to 2.88% from 2.69% in the previous quarter.
Key Highlights:
- Net profit down 24% YoY to ₹294.1 crore.
- NII increased to ₹1,615 crore, up from ₹1,475 crore YoY.
- Gross NPAs at 2.88%, up from 2.69%.
- Net NPAs at 0.79%, up from 0.74% quarter-on-quarter.
- Total deposits grew 20% YoY to ₹107,959 crore.
- CASA deposits rose 13% YoY to ₹36,224 crore.
Despite a 15% increase in advances and strong growth in retail segments like housing loans and rural vehicle finance, the bank’s net interest margin (NIM) declined to 5.04%. Additionally, its capital adequacy ratio improved to 15.9%.
The stock is down 37% in 2024, making it one of the worst performers on the Nifty Bank index.
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