RBL Bank's Q2 net surges over 6 times as provisions decline sharply

Aiming for 15% growth in advances in FY23, 20% in FY24, said RBL Bank MD, CEO

RBL Bank on Saturday reported a 554 per cent year-on-year surge in standalone net profit to Rs 201.55 crore in July-September quarter (Q2FY23) as a sharp decline in provisioning for bad loans from a year ago and healthy increase in net interest income boosted the private lender’s bottomline.

The massive year-on-year rise in net profit was also owing to a low base. On a sequential basis, the bank’s net profit was only marginally higher from Rs 201.16 crore a quarter ago.

According to the bank’s top management, provisions made for asset quality issues on account of the Covid crisis the same time