RBL Bank reported a sharp decline in its profit for the December quarter, which dropped to ₹32.6 crore from ₹233.1 crore last year, marking an 86% decrease. Despite an increase in net interest income, which rose from ₹1,546 crore to ₹1,585 crore, the overall profitability was negatively impacted. The bank’s gross non-performing assets (NPAs) increased from ₹2,581 crore to ₹2,701 crore, although its net NPAs showed a positive trend, falling from ₹697.5 crore to ₹482 crore.
Kotak Mahindra Bank showed impressive growth with a 10% increase in profit, reaching ₹3,304.8 crore for Q3. The bank’s net interest income exceeded market expectations, growing by 10% to ₹7,196.3 crore. Additionally, its gross NPA slightly increased from 1.49% to 1.50%, while its net NPA decreased from 0.43% to 0.41%, reflecting an improvement in asset quality.
IndusInd Bank announced the resignation of its CFO, Gobind Jain, citing plans to explore other opportunities. The resignation led to a 0.25% drop in the bank’s stock, which closed at ₹972.90. Over the past year, the bank’s stock has fallen by 39.68%. Arun Khurana, the Deputy CEO, will take on the additional responsibility of CFO starting January 21.
In the manufacturing sector, companies like Hitachi Energy, Gland Pharma, and Dixon Technologies showcased positive developments. Hitachi Energy secured approval for a proposal to raise up to ₹4,200 crore, while Gland Pharma received a favorable report from the US FDA for its Pashamylaram facility. Dixon Technologies signed a strategic agreement to purchase land and assets worth ₹133 crore. These companies are positioning themselves for future growth, reflecting optimism within the sector.