Private sector lender- RBL Bank reported a 43% growth in net profit for the quarter ended June 30 on higher interest margins and lower resource costs.Net profit for the quarter amounted to Rs 288 crore compared to Rs 201 crore in the same period a year ago." Cost to Income was 66.5% compared to 67.8% for Q1FY23, a release by the bank said. Retail advances book grew 34% YoY and 8% sequentially to Rs 40,866 crore. Total deposits grew 8% year-on-year Rs 85,636 croreProvision Coverage Ratio including technical write offs was 85.9% vs 85.0% as of 31st March 2023. The bank may not need additional capital as its ratios are well above the prescribed regulatory requirement, indicated Subramaniakumar.

Source: Economic Times July 22, 2023 17:45 UTC