RBL Bank has announced its financial results for the first quarter of the fiscal year 2023-24 on July 22, reporting a profit of Rs 288 crore. This figure exceeds expectations as analysts had estimated a profit of Rs 257 crore for the April-June 2023 quarter. Comparatively, during the same period in the previous fiscal year, the bank had recorded a profit of Rs 201 crore.
Profit Surges to Rs 288 Crore, Exceeds Estimates
On July 21, the stock of RBL Bank closed at Rs 221.70, registering a gain of 0.93% from its previous closing. However, during the same period, the benchmark Sensex experienced a decline of 1.31% to close at 66,684.26.
RBL Bank’s GNPA Drops to 3.22% in June Quarter
Apart from a notable increase in profit, RBL Bank’s asset quality has also improved during the June quarter. The bank’s gross NPA (GNPA) has reduced from 4.08% in the corresponding period of the previous year to 3.22%. This decline indicates a positive trend in the bank’s asset quality, reflecting effective management of non-performing assets.