5% rise in RBL Bank shares, 43% jump in net profit
RBL Bank shares: RBL Bank recently declared a 43.2 per cent rise in net profit to Rs 288 crore for the June quarter, helped by lower provisions and higher interest payment.
Profit jumped by 30 per cent on a quarter-on-quarter basis.
RBL Bank shares jumped 5 per cent in Wednesday’s trade amid a press report that suggested Mahindra group probably purchased a 4 per cent stake in the private bank via one of its entities through open market operations today. The report by CNBC TV18 suggested that the Mahindra group is ready to raise this strategic stake to 15-25 per cent.
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Per the statement, the Mahindra group’s plan requires the RBI’s permission. As per the report, Mahindra Group sees synergies in developing strategic deals in the RBL Bank shares. That said, there was no filing on stock exchanges about any such share investment.
Following the result, the stock climbed 4.8 per cent to strike a high of Rs 233.60 on BSE. With this, the share was up 152 per cent last year.
The private lender stood at a 43.2 per cent jump in net profit to Rs 288 crore for the June quarter, supported by lower provisions and higher interest revenue. Profit climbed 30 per cent on a quarter-on-quarter basis.
