RBL Bank reported a 43 per cent year-on-year/yoy increase in the first quarter (Q1FY24) net profit at ₹288 crore against ₹201 crore in the year-ago period on the back of healthy growth in net interest income and other income.
Net profit in the reporting quarter is up 6 per cent sequentially vis-a-vis the preceding quarter’s ₹271 crore.
Net interest income (the difference between interest earned and interest expended) rose by 21 per cent yoy to ₹1,246 crore (₹1,028 crore in the year ago quarter).
Other income, which includes commission income from non-fund-based banking activities, fees, earnings from foreign exchange and derivative transactions, and profit and loss (including revaluation) from investments, is up about 12 per cent yoy to ₹685 crore (₹614 crore in the year-ago quarter).
Provisions (other than tax) and contingencies nudged up 5 per cet yoy to ₹266 crore (₹253 crore).
The gross non-performing assets (NPA) to gross advances position improved to 3.22 per cent at June-end 2023, against 3.37 per cent at March-end 2023.
The net NPA to net advances position improved to 1.00 per cent as of June-end 2023 against 1.10 per cent as March-end 2023.
Total deposits increased by 8 per cent YoY to ₹85,636 crore as of June-end 2023. Low-cost current account savings account (CASA) deposits came down a shade to 37.3 per cent as of June-end 2023 against 37.4 per cent as of March-end 2023.
Total advances rose by 21 per cent YoY to stand at ₹73,087 crore, with retail and wholesale advances growing 34 per cent and 8 per cent, respectively.
Retail advances accounted for 56 per cent of total advances, with the balance being accounted for by wholesale advances.
Meanwhile, RBL Bank’s Board approved the issuance of debt securities in one or more tranches on a private placement basis up to an amount of ₹3,000 crore. This is subject to the approval of the Members of the Bank at its ensuing (80th) Annual General Meeting.