RBL Bank ends FY23 with highest ever quarterly and annual PAT
RBL Bank It ended FY23 with the highest quarterly and annual profit, recording a net profit of Rs. 271 crore for the fourth quarter, up 37 per cent year-on-year and 30 per cent quarter-on-quarter. For FY23, the profit after tax was Rs.883 crore as against a loss of Rs.75 crore for FY22.
Net bank advances grew by 17 per cent YoY and 5 per cent QoQ to ₹70,209 crore led by a 21 per cent YoY and 8 per cent QoQ increase in retail advances of ₹37,778 crore, which represents 46 percent of the book.
The Bank’s Net Interest Income (NII) grew by 7 per cent YoY and 5 per cent QoQ to Rs.1,211 crore. The net national income for the quarter was 5.01 percent compared to 4.74 percent in the previous quarter.
Total deposits increased by 7 per cent YoY and 4 per cent QoQ to Rs 84,887 crore as of March 31, led by 18 per cent YoY and 4 per cent QoQ to Rs 36,319 crore. The CASA ratio improved to 37.4 percent from 35.3 percent a year ago.
The overall NPA rate improved to 3.4 percent from 3.6 percent in the previous quarter and 4.4 percent a year ago. The net NPA rate of 1.1 percent was better than 1.2 percent in the previous quarter and 1.3 percent a year earlier.
The bank’s capital adequacy ratio was 16.9%, of which 15.3% was CET-1.
We are confident that this momentum will continue into the coming year. New initiatives undertaken in fiscal ’23 to launch new guaranteed products and expand the range of granular retail products are also beginning to bear fruit. With the expansion of these products and the introduction of new products (both digital and branch-based) in the coming year, we expect growth to become broader in scope,” said Managing Director and CEO R Subramaniakumar.