Non-public sector lender RBL Bank has reported a 34 per cent drop in web revenue within the March quarter of FY21 resulting from greater provisions and a drop in web curiosity earnings (NII). Its revenue after tax for the reporting quarter stood at Rs 75 crore towards Rs 114 crore within the year-ago interval. The working revenue of the financial institution, nonetheless, was up 17 per cent year-on-year (YoY) to Rs 877 crore.
The banks’ NII was down 11 per cent YoY in Q4FY21 to Rs 906 crore however different earnings was up 38 per cent to Rs 688 crore. The web curiosity margin of the lender stood at 4.19 per cent, all the way down to 2 foundation factors (bps), sequentially. NIM was impacted resulting from an curiosity reversal of roughly 50 bps in addition to due to the surplus liquidity that the financial institution has been carrying on its steadiness sheet.
The financial institution made provisions to the tune of Rs 766 crore in Q4FY21, up 27.45 per cent YoY and 25.6 per cent sequentially. In Q3FY21, the financial institution had put aside Rs 601 crore as provisions.
Having recognised and adequately offered for the stress emanating from the recognized pool of company accounts in FY20, our slippages throughout FY21 had been primarily, nearly 80 per cent within the retail phase, owing to the influence of Covid pandemic, stated Vishwavir Ahuja, MD & CEO, RBL Bank.