RBL reports 30 percent growth in net profit in March quarter
RBL Bank reported a 30 percent growth ( year-on-year) to Rs 353 crore for the quarter ended March 24 on higher loan growth and containing bad loans.
For the full financial year 2023-24, net profit rose 32 percent to Rs 1168 crore. The bank's board proposed a dividend of Rs l.50/- per share for the financial year 2023-24 subject to all shareholders' approval.
" Growth in assets and liabilities, cross selling and our ( success) in maintaining asset quality contributed to the growth in profits" said Mr. R Subramania kumar, MD & CEO, RBL Bank.
The bank's interest income rose 26 percent year on year to Rs 3339 crore during the March'24 quarter, while interest expenses increased by 35 percent to Rs 1739 crore, according to the filings it made to the exchanges. Other income essentially comprising treasury profits rose 30 percent to 875 crore during the quarter.
The bank's net interest margin eased to 5.45 percent during the quarter from 5.62 percent a year ago. " There is still some passing pressure on cost, therefore cost of deposit is expected to go up, in the near term, we expect flat margins, but in the future we expect them to go up" Subramanya Kumar said
RBL reported a 20% year-on-year growth in net advances for the quarter at RS 83,987 crore, while total deposit climbed 22 percent year-on-year to Rs 103494 crore. The bank's current and savings account ratio amounted to 35.2 percent
The company managed to contain its gross non-performing ratio by 72 basis points year-on-year to 2.65 percent. Provision Coverage
