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Business

Updated on: Friday, October 29, 2021, 01:21 PM IST

Private sector lender RBL Bank shares tumble over 14% after Q2 net profit plummets

RBL Bank on October 28 reported a 78 percent decline in its September quarter net profit at Rs 31 crore on a jump in asset quality issues but guided towards a better second half with better ratios. / Representational image |

RBL Bank on October 28 reported a 78 percent decline in its September quarter net profit at Rs 31 crore on a jump in asset quality issues but guided towards a better second half with better ratios. / Representational image |

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Shares of private sector lender RBL Bank on Friday tumbled over 14 percent after the company reported a 78 percent decline in its September quarter net profit.

The stock declined 14.54 percent to Rs 172.10 on the BSE.

At the NSE, it tanked 14.39 percent to Rs 172.10.

At 1.15 PM, RBL Bank shares recovered and was 9.33 percent down to Rs 182.30 on the BSE.

At 1.18 PM, the stock was down 9.52 percent to Rs 181.90 on the NSE.

RBL Bank on Thursday reported a 78 percent decline in its September quarter net profit at Rs 31 crore on a jump in asset quality issues but guided towards a better second half with better ratios.

Its managing director and chief executive Vishwavir Ahuja said the stress that has played out is better than what it had expected and guided towards.

The fresh slippages came at Rs 1,217 crore with a bulk of them coming from the microfinance book and the credit card portfolio, which had been impacted because of the second wave.

The gross non-performing assets ratio increased to 5.40 percent from the year-ago period's 3.34 percent and 4.99 percent in the quarter-ago period.

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Published on: Friday, October 29, 2021, 01:21 PM IST
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