The private lender s net profit tanked 36.4% to Rs 1,116.60 crore while total income fell 1.1% at Rs 19,274.39 crore in Q3 December 2020 over Q3 December 2019.
PAT was adversely impacted by about Rs 1,050 crore on account of prudent expense and provisioning charges in Q3. Profit before tax (PBT) dropped 34.4% to Rs 1,491.23 crore in Q3 FY21 as against Rs 2,271.77 crore in Q3 FY20. Provision for tax tumbled 27.2% to Rs 374.63 crore in Q3 FY21 compared with Rs 514.77 crore in Q3 FY20. The result was declared after market hours yesterday, 27 January 2020.
The bank s operating profit for the quarter grew 6% Y-o-Y to Rs 6,096 crore. The core operating profit for the quarter grew 10% Y-o-Y to Rs 5,754 crore. Net Interest Income (NII) grew 14% Y-o-Y to Rs 7,373 crore in Q3 FY21 from Rs 6,453 crore in Q3 FY20. NII before interest reversals grew 19% Y-o-Y to Rs 7,987 crore. Net interest margin (NIM) for Q3 FY21 was 3.59% as against 3.57% for Q3 FY20. NIM before interest reversals stood at 3
RBL Bank rose 2.82% to Rs 251.25 after the bank said its board approved the re-appointment of Vishwavir Ahuja as the managing director & chief executive officer for three years.
In a regulatory filing made post market hours on Monday, the private lender said that the nomination and remuneration committee of the board had approved the re-appointment of Vishwavir Ahuja as the managing director & chief executive officer of the bank for a period of three years, with effect from 30 June 2021 to 29 June 2024.
The bank has recommended the same to the Reserve Bank of India and the appointment shall be subject to their approval.