RBL Bank’s Q1FY24 net profit up 43% at ₹288 cr
RBL Bank It posted a 43 per cent year-on-year increase in the first quarter (Q1FY24) in a net profit of Rs.288 crore as against Rs.201 crore in the last year period on the back of healthy growth in net interest and other income.
Net profit in the said quarter increased by 6 per cent sequentially over the previous quarter from Rs.271 crore.
Net interest income (the difference between interest earned and interest disbursed) rose by 21 per cent year-on-year to Rs.1,246 crore (Rs.1,028 crore in the year-ago quarter).
Other income, which includes commission income from non-fund-based banking activities, fees, earnings on foreign exchange and derivative transactions, and gains and losses (including revaluation) from investments, rose by about 12 per cent year-on-year to Rs.685 crore (Rs.614 crore in the year-ago quarter).
Provisions (other than tax) and contingency 5 per year on an annual basis were paid to ₹266 crore (Rs. 253 crore).
Total non-performing assets (NPA) to total advances position improved to 3.22 percent at the end of June 2023, compared to 3.37 percent at the end of March 2023.
The NPA’s net position to net advances improved to 1.00 percent as of the end of June 2023 compared to 1.10 percent as of the end of March 2023.
Total deposits increased by 8 per cent YoY to INR 85,636 crore as of end of June 2023. Low Cost Current Account Savings Account (CASA) deposits decreased to 37.3 per cent as of end of June 2023 as against 37.4 per cent as of end of March 2023.
Total advances increased by 21 per cent YoY to stand at INR 73,087 crore, with retail and wholesale advances growing by 34 per cent and 8 per cent respectively.
Retail advances accounted for 56 percent of the total advances, and the remaining balance accounted for wholesale advances.
Meanwhile, the Board of Directors of RBL Bank has approved the issuance of debentures in one or more tranches on private placement basis up to an amount of Rs.3,000 crore. This is subject to the approval of the members of the Bank at the following (eightieth) annual general meeting.