RBL Bank Q2 results: Net profit rises 46% YoY to ₹294 crore, net interest income up by 26%
RBL Bank Q2 results: RBL Bank released their July-September quarter results on Saturday and reported a 46% year-on-year jump in their net profits which jumped to ₹294 crore during Q2FY24 from ₹202 crore during the same quarter last fiscal. The net interest income (NII) of the RBL Bank grew 26% YoY to ₹1,475 crore while the revenue of the bank witnessed a YoY jump of 24% to ₹2,179 crore. Sequentially, the net profit of the bank grew 2% as it was ₹288 crore during Q1FY24, while the revenue of the RBL Bank jumped 3% QoQ as it was ₹2,108 crore during the quarter ending June 2023.
In terms of net interest income, the quarterly jump has been 4% as it was recorded as ₹1,422 crore during the first quarter of fiscal year 2024. “We are happy to announce yet another quarter of improving operating performance. The advances growth was healthy with strong growth in retail segment.
Our revenue has grown at healthy pace; operating expenses are stable sequentially, driven by continued cost optimisation. In order to further strengthen the balance sheet and build buffers proactively, we have taken contingent provision on our credit card & microfinance portfolio. We are also pleased with the progress we are making on cross sell opportunity, within the large card and liability base we have, and we expect this to accelerate further going forward," R Subramaniakumar, MD&CEO, RBL Bank said.
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