Total income during the quarter rose by 3% YoY to Rs 2,664 crore. Net interest margin (NIM) for Q3 FY22 improved by 15 bps YoY to 4.34%.

Operating profit, however, declined by 21% to Rs 631 crore in the third quarter from Rs 801 crore reported in the same period last year.

Provisions (other than tax) in Q3 FY22 amounted to Rs 424 crore, which is lower by 30% as compared to Rs 606 crore recorded in Q3 FY21. Provision coverage ratio was 78.6% in Q3 FY22 as against 86.4% in Q3 FY21.

The net non-performing assets aggregated to Rs 1,076 crore as at 31 December 2021 as against Rs 1,200 crore as at 30 September 2021 and Rs 402 crore as at 31 December 2020.

The net NPA ratio was 1.85% as at 31 December 2021 as against 2.14% as at 30 September 2021 and 0.71% as at 31 December 2020.

The bank's deposits increased by 10% YoY to Rs 73,639 crore as at 31 December 2021. The bank's advances (net) rose by 3% YoY to Rs 58,141 crore as on 31 December 2021.

Rajeev Ahuja, MD & CEO (Interim), RBL Bank said “This has been a turnaround quarter as we have seen a sharp improvement in both profitability and asset quality. Our business and advances momentum are now firmly on a positive trajectory, and we expect this to continue with retail also returning to growth.

As the stress from the pandemic abates and with the overall improvement in the economic environment, we are confident of continuing and improving this performance over the next fiscal.”

RBL Bank is a private sector bank. It offers specialized services under six business verticals namely: corporate & institutional banking, commercial banking, branch & business banking, retail assets and treasury and financial markets operations. It had a network of 500 branches, 1,424 business correspondent branches (of which 274 banking outlets) and 407 ATMs spread across 28 Indian states and Union Territories.

The scrip fell 3.36% to currently trade at Rs 148.10 on the BSE.