RBL Bank Q4 results 2024: Net profit grows 30% YoY, deposits up 22%; declares ₹1.50 per share dividend
RBL Bank Q4 results 2024: The board of directors of RBL Bank today declared the fourth quarter results for the financial year 2023-24. The company board declared strong operating profit growth of 49 percent in year-on-year (YoY) terms, whereas its net profit and deposits grew 30 percent and 22 percent respectively. The board of directors of the private lender also declared a ₹1.50 dividend for the eligible shareholders while announcing its Q4 results today.
The private lender reported that 6 lakhs new customers were added during the quarter ended March 2024. Provision Coverage Ratio including Technical Writeoff was 89.8 percent during Q4FY24, said RBL Bank in its latest exchange filing. RBL Bank reported a rise in net profit both annually and sequentially.
The private lender reported a net profit of ₹353 crore in Q4FY24, logging a QoQ rise of 51 percent and a 30 percent rise YoY. The private lender reported an operating profit of ₹8,887 crore, recording a 49 percent rise YoY and a 16 percent appreciation on QoQ terms. Net advances of RBL Bank stood at ₹83,987 crore, up 20 percent YoY and 5 percent QoQ.
However, the Retail Advances of the private bank grew at a faster rate. RBL Bank's Retail Advances stood at ₹49,147 crore, up 30 percent YoY and 6 percent QoQ. Deposits of the private lender grew 22 percent YoY and 12 percent QoQ to ₹103,494 crore during the January to March 2024 quarter.
RBL Bank's CASA in the recently ended March 2024 quarter has come at 35.20 percent. Deposits less than ₹2 crore have been reported at 42.30 percent of the total deposits of the private band during QFY24. The RBL Bank informed Indian exchanges that deposits less than ₹2 crore grew 24 percent YoY and 6 percent QoQ to ₹43,753 crore in the
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