RBL Bank gains after Q4 PAT surges 162% YoY to Rs 198 crore

RBL Bank gained 8.45% to Rs 110.35 after the company reported 162.6% surge in net profit to Rs 197.83 crore on a 5.1% rise in total income to Rs 2,642.31 crore in Q4 FY22 over Q4 FY21.

Profit before tax soared 132.8% to Rs 256.75 crore in Q4 FY22 as against Rs 110.28 crore in Q4 FY21. Net interest margin (NIM) for Q4 FY22 improved by 87 basis points to 5.04% in Q4 FY22 from 4.17% posted in Q4 FY21. Operating profit, declined by 11% to Rs 657 crore in the last quarter of financial year ended 2022 from Rs 737 crore reported in the same period last year.

Provisions (other than tax) in Q4 FY22 amounted to Rs 401 crore, which is lower by 36% as compared to Rs 627 crore recorded in Q4 FY21. Provision coverage ratio was 70.4% in Q4 FY22 as against 52.3% in Q4 FY21.

The gross non-performing assets (NPA) aggregated to Rs 2,728.39 crore as on 31 March 2022 as against Rs 2,901.91 crore as of 31 December 2021 and Rs 2,601.53 crore as at 31 March 2021. The gross NPA ratio was 4.40% as at 31 March 2022 as against 4.84% as at 31 December 2021 and 4.34% as at 31 March 2021.

The net NPA aggregated to Rs 806.56 crore as at 31 March 2022 as against Rs 1,075.54 crore as at 31 December 2021 and Rs 1,241.35 crore as at 31 March 2021. The net NPA ratio was 1.34% as at 31 March 2022 as against 1.85% as at 31 December 2021 and 2.12% as at 31 March 2021.

The bank's deposits increased 8% YoY to Rs 79,007 crore as at 31 March 2022 as compared to Rs 73,121 crore as 31 March 2021. The bank's advances (net) rose 2% YoY to Rs 60,022 crore as on 31 March 2022 as against Rs 58,623 crore in 31 March 2021. CASA deposits jumped 20% year on year to Rs 27,879 crore in the quarter ended 31 March 2022 over Rs 23,264 crore as of 31 March 2021. CASA ratio stood at 35.3% as against 31.8% as at 31st March 2021.

Net slippages aggregated to Rs 292 crore for the quarter ended 31 March 2022 as against Rs 663 crore posted in the same quarter last year. Net slippage ratio stood at 0.5% as on 31 March 2022 as compared to 0.56% as of 31 December 2021 and 1.18% as at 31 March 2021.

On full year basis, the private bank reported a net loss of Rs 74.74 crore in the financial year ended 31 March 2022 as against a net profit of Rs 507.78 crore during the financial year ended 31 March 2021. Total income rose 3% year-on-year to Rs 10,516.32 crore in the financial year ended 31 March 2022.

Commenting on the Q4 performance, Rajeev Ahuja, the managing director (MD) and chief executive officer (CEO) (interim) of RBL Bank, said, This quarter has been one of stable business performance and we continued to improve in both profitability and asset quality. We are entering the new fiscal with a relatively clean slate on asset quality, remain well capitalized and our business operating rhythm holds us in good stead to grow meaningfully in our chosen segments with improved profitability metrics.

RBL Bank is one of India's fastest growing private sector banks with an expanding presence across the country. As of 31 March 2022, the bank had 502 branches and 1,418 business correspondent branches, of which 289 were banking outlets. RBL Finserve, a 100% subsidiary of the bank, accounted for 870 business correspondent branches.

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