NEW DELHI: Shares of the newly-listed RBL Bank soared over 6 per cent in Thursday’s trade after the lender said its net profit for September quarter grew 34 per cent to Rs 89.80 crore on the back of improved interest income. The bank had reported a net profit of Rs 66.9 crore for the year-ago quarter.“RBL Bank has come out with a good set of numbers for the quarter. Net non-performing assets stood at Rs 137 crore against Rs 82 crore last year. During the quarter, RBL Bank acquired 9.88 per cent stake in Utkarsh Microfinance and has taken a Rs 28.47 crore write off, which is the premium paid for the acquisition.“At current level, the stock is valued at 2.5 times its FY18E adjusted book value and it looks attractive given the growth opportunity it provides. We maintain a buy rating on the stock with a target price of Rs 365,” Purohit said.On Thursday, the stock jumped 6.21 per cent to hit a high of Rs 332.20 on BSE

Source: Economic Times October 20, 2016 05:15 UTC