Private sector lender RBL Bank Ltd on Monday (March 3) confirmed that the Maharashtra State GST Department has initiated a search operation at three of its offices in the state. The search is being conducted under Section 67 of the Maharashtra Goods and Services Tax (MGST) Act, 2017.”The proceedings are ongoing, and the Bank is cooperating fully in providing data as per request placed,” RBL Bank said in a regulatory filing.
The bank stated that the proceedings are ongoing and that it is fully cooperating with authorities by providing the requested data.
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For the third quarter, RBL Bank reported an 86% year-on-year (YoY) decline in its net profit to ₹32.63 crore for the third quarter of FY25, largely attributed to higher provisions. Sequentially, net profit dropped 85%.The gross non-performing asset (NPA) ratio rose slightly to 2.92% as of December 31, 2024, compared to 2.88% in the previous quarter, but improved from 3.12% a year ago. The net NPA ratio fell to 0.53% from 0.79% in September 2024 and 0.80% in December 2023.
The bank stated that the proceedings are ongoing and that it is fully cooperating with authorities by providing the requested data.
Also Read: RBL Bank strengthens leadership with key senior appointments
For the third quarter, RBL Bank reported an 86% year-on-year (YoY) decline in its net profit to ₹32.63 crore for the third quarter of FY25, largely attributed to higher provisions. Sequentially, net profit dropped 85%.The gross non-performing asset (NPA) ratio rose slightly to 2.92% as of December 31, 2024, compared to 2.88% in the previous quarter, but improved from 3.12% a year ago. The net NPA ratio fell to 0.53% from 0.79% in September 2024 and 0.80% in December 2023.
In absolute terms, gross NPAs increased to ₹2,701 crore as of 31 December 2024 from ₹2,581.08 crore in the preceding quarter. Net NPAs reduced to ₹481.64 crore from ₹697.51 crore during the same period.
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Provisions for the quarter jumped nearly twofold in a year to ₹1,189 crore compared to ₹458 crore in Q3 FY24. The bank, on a prudent basis, made additional provisions of ₹414 crore for its Joint Liability Group (JLG) portfolio, raising NPA coverage for this segment to 85%.
Shares of RBL Bank Ltd ended at ₹155.20, down by ₹3.10, or 1.96%, on the BSE.
