RBL Bank reported an 86 per cent year-on-year (Y-o-Y) decline in net profit to Rs 32.6 crore for Q3FY25, mainly due to a surge in provisions
The Net Interest Income (NII) grew nearly 3 per cent Y-o-Y to Rs 1585 crore due to lower (Joint Liability Group) JLG funding and increased slippages causing interest reversals
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RBL Bank sold its stake in DAM Capital Advisors via an offer for sale, raising Rs 163.32 crore by selling 5.77 million shares at Rs 283 each
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Revised rates range from 3.50% to 8% for general citizens; senior citizens will receive returns of 8.50%
R Subramaniakumar was initially appointed for a period of three years as MD and CEO of the bank in June 2022
Following the development, RBL Bank informed that co-brand cards issued to date will continue to operate as usual without any change
RBL Bank partnered with Bajaj Finance in 2016 to issue co-branded credit cards for a period of five years. The partnership was renewed for another five years in 2021
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Last month, in its latest move, the RBI asked lenders to stop issuing new microfinance loans to borrowers unless they have cleared previous loans, three of the bankers said
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Non-bank lender Mahindra Finance on Monday announced that it will be launching a co-branded credit card with RBL Bank. Mahindra Finance said it has received the RBI nod for launching the offering. Managing Director and chief executive Raul Rebello said the offering will be designed to help meet its customers' aspirational needs. The announcement comes amid heightened concerns about the credit card portfolios, and also regulatory attempts to disincentivise growth in such riskier assets. A Mahindra group entity has 3.53 per cent "strategic" stake in RBL Bank which was bought for Rs 417 crore, while RBL Bank is attempting to decrease its reliance on Bajaj Finance to distribute credit cards. Rebello said this will be a maiden co-branded credit card offering for Mahindra Finance and that there are significant synergies between the company and the bank. "Our aim is to provide a one-stop solution that offers unmatched benefits across a wide range of categories," RBL Bank's executive dire
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Asset quality ratios deteriorated during the quarter as slippages were high in the credit cards and microfinance segments.
The net interest income (NII) of the bank rose by 9 per cent in the reporting quarter to Rs 1,615 crore from Rs 1,475 crore
RBL Bank on Saturday reported a 24 per cent decline in net profit in the September quarter to Rs 223 crore on asset quality challenges emanating from credit card and microlending books. The private sector lender had reported a post-tax net profit of Rs 294 crore in the year-ago period, and Rs 372 crore in the preceding June quarter. RBL Bank Chief Executive and Managing Director R Subramaniakumar told reporters that the stress in the microfinance book is due to industry-wide issues, but the same on the credit-card front, where the regulator has been flagging risks for the industry, is on account of internal aspects. A senior bank official said the lender expects the challenges on credit cards that are arising out of a transition, to take loan collections in-house from being outsourced to a partner earlier, will settle by end of the third quarter, but the same on microlending may persist longer. The fresh slippages nearly doubled to Rs 1,026 crore during the quarter, and nearly 70 p
Derivatives market update Oct 01: FIIs continue to hold more than 4 long positions in index futures for every short bet. Proprietary trades hold 5 shorts for every bullish bet in index futures.