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RBL Bank posts loss of Rs 459 cr in Q1, net NPA rises to 2.01%

RBL Bank posts loss of Rs 459 cr in Q1, net NPA rises to 2.01%

RBL Bank's total income in Q1 FY22 was Rs 1,664 crore against Rs 1,375 crore in Q1 FY21, thereby reporting 21% growth

The bank added six branches during Q1 FY22, taking the total number of branches to 435 The bank added six branches during Q1 FY22, taking the total number of branches to 435

RBL Bank reported a net loss of Rs 459 crore for April-June quarter as compared to a profit of Rs 141 crore during the same period last year. The bank's net interest income stood at Rs 970 crore in Q1 FY22, 7 per cent lower than Rs 1,041 during Q1 FY21.

The bank's total income in Q1 FY22 was at Rs 1,664 crore as against Rs 1,375 crore in Q1 FY21, thereby reporting 21 per cent growth. The total deposits grew 21 per cent YoY and 2 per cent QoQ to Rs 74,471 crore. Advances as of Q1 FY22 stood at Rs 56,527 crore, while retail advances grew 7 per cent YoY to Rs 32,071 crore.

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The bank's gross NPA rose to 4.99 per cent, compared to 3.45 per cent in Q1 FY21, while net NPA rose to 2.01 per cent, compared to 1.65 per cent in Q1 FY21.

"While our revenues and operating profits have held up well and continue to grow year-on-year, the effect of the second wave of the COVID pandemic on our asset quality was rather severe and different from the first wave given the nature of our businesses, despite the planned counter – cyclicality in our business mix," RBL Bank MD and CEO Vishwavir Ahuja said.

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He said the bank has set a clear roadmap for its Transformation 2.0 journey encompassing a  larger digital agenda, expansion of its branch footprint, and building out secured retail assets business.

The bank added six branches during Q1 FY22, taking the total number of branches to 435 as of June 30, 2021. It also has 1,422 business correspondent branches, of which 271 are banking outlets.

RBL Finserve Limited, a 100 per cent subsidiary of the bank, accounts for 759 business correspondent branches. Shares of RBL Bank closed 1.06 per cent higher at Rs 195 on the National Stock Exchange on Monday.

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