RBL Bank Q1 result: Net profit up 43% YoY to ₹288 crore
₹288 crore in the first quarter of FY24 against ₹201 crore in Q1FY23. The private lender managed to perform above than market expectation. The bank managed to secure a decent imrpovement in its profit from previous quarter. RBL Bank's net profit increased by 6.2 per cent sequentially from Rs.
271.05 crore in the fourth quarter of previous financial year (Q4FY23).Private lender's non-interest income increased significantly to ₹685.41 crores from ₹613.57 crore. The company shares closed 0.91 per cent higher at ₹221.60 per share on BSE on Friday. Its market capitalisation stood at ₹13,289.29 crore.
The company scrip recently touched its 52-week high mark of ₹230.45 apiece on 17 July 2023 on BSE. The board of directors of the RBL Bank, in their meeting, also approved the re-appointment of Chief Compliance Officer of the Bank, Prakash Gupta, from 1 November. Meanwhile, the non-executive, non-independent director of RBL Bank, Vimal Bhandari has chosen to step down from the position after the completion of his term.
It is worth noting that the private bank showcased a spectacular market rally in past one month. Its share value has increased by 33 per cent in last one month. Its share value has increased by 22.26 per cent YTD and by 133.39 per cent in last one year.
In the previous quarter, the bank had reported a 37% YoY rise in its net profit to ₹271 crore. IN Q4FY23, provisions decreased by 41% to ₹235 crore from ₹401 crore in the fourth quarter of the previous financial year. The decrease from ₹293 crore in provisions seen in Q3 FY23 was 20%.
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