RBL Bank share price falls 4% as Morgan Stanley maintains underweight post weak Q3 result

RBL-Bank

share price fell 4 percent in the early trade on January 23 after Morgan Stanley has maintained underweight rating post Q3 numbers.

Morgan Stanley has maintained underweight call on the stock with a target at Rs 240 per share.

According to Morgan Stanley, the asset quality is weak with 80 percent of stressed accounts slipping into NPLs. The bank saw further material additions to its BB & below pool.

The core pre-provisional operating profit growth did well on strong growth in unsecured retail, it added.

The bank on January 22 reported a 69 percent fall in its Q3 net profit following an increase in the provisions of the company.

The company net profit was at Rs 70 crore against Rs 225.2 crore in the same quarter last year.

Net interest income (NII) rose 40.8 percent at Rs 922.6 crore versus Rs 655.1 crore, YoY.

The private lender’s gross NPA was up at 3.33 percent against 2.60 percent and net NPA was up at 2.07 percent against 1.56 percent, QoQ.

Provisions of the company were up at Rs 638.3 crore versus Rs 533.3 crore, QoQ and versus Rs 160.7 crore, YoY.

At 09:20 hrs, RBL Bank was quoting at Rs 337.80, down Rs 1.30, or 0.38 percent on the BSE.

News Source:- Moneycontrol

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