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Home » business » RBL Bank shares tumble over 14 pc as September quarter net profit plummets

RBL Bank shares tumble over 14 pc as September quarter net profit plummets

The stock declined 14.54 per cent to Rs 172.10 on the BSE. At the NSE, it tanked 14.39 per cent to Rs 172.10.

By Newsd
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RBL Bank says it is well capitalised, concerns 'misplaced'

Shares of private sector lender RBL Bank on Friday tumbled over 14 per cent after the company reported a 78 per cent decline in its September quarter net profit.

The stock declined 14.54 per cent to Rs 172.10 on the BSE. At the NSE, it tanked 14.39 per cent to Rs 172.10.

RBL Bank on Thursday reported a 78 per cent decline in its September quarter net profit at Rs 31 crore on a jump in asset quality issues but guided towards a better second half with better ratios.

Its managing director and chief executive Vishwavir Ahuja said the stress that has played out is better than what it had expected and guided towards.

The fresh slippages came at Rs 1,217 crore with a bulk of them coming from the microfinance book and the credit card portfolio, which had been impacted because of the second wave.

The gross non-performing assets ratio increased to 5.40 per cent from the year-ago period’s 3.34 per cent and 4.99 per cent in the quarter-ago period.

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