RBL Bank Q4 PAT rises 30% YoY to Rs 353 cr

The private lender's standalone net profit jumped 30.1% to Rs 352.64 crore on 27.08% jump in total income to Rs 4,214.56 crore in Q4 FY24 over Q4 FY23.

Profit before tax in Q4 FY24 stood at Rs 473.24 crore, up 31.79% from Rs 359.08 crore reported in Q4 FY23.

Net interest income grew 18% year on year to Rs 1,600 crore in the quarter ended 31 March 2024. Net interest margin (NIM) declined to 5.45% in Q4 FY24 as compared to 5.62% reported in the same quarter a year ago.

Operating profit in Q4 FY24 was at Rs 887 crore, up 49% from Rs 594 crore recorded in Q4 FY23.

Provisions (other than tax) and contingencies surged 76.31% YoY to Rs 413.79 crore during the quarter.

On the asset quality front, gross non-performing assets (NPAs) stood at Rs 2,270.97 crore as on 31 March 2024 as against Rs 2,419.86 crore as on 31 March 2023.

The GNPA ratio improved to 2.65% as on 31 March 2024 as against 3.37% as on 31 March 2023. The net NPA ratio stood at 0.74% as on 31 March 2024 as compared to 1.10% as on 31 March 2023.

Provision coverage ratio including technical write offs was at 89.8%as on 31 March 2024 as against 85% as on 31 March 2023, improved 480 bps in a year. Provision coverage ratio stood at 72.7% as on 31 March 2024.

Net advances as on 31 March 2024 was at Rs 83,987 crore, registering a growth of 20%. Deposits grew by 22% YoY to Rs 1,03,494 crore as on 31 March 2024.

CASA deposits stood at Rs 36,448 crore as on 31 March 2024, up 15%YoY. CASA ratio reduced to 35.2% as on 31 March 2024 as compared to 37.4% as on 31 March 2023.

Capital adequacy was 16.18% and common equity tier 1 ratio was 14.38% as on 31 March 2024. Average liquidity coverage ratio came in at 140%.

As of 31 March 2024, the bank has 545 bank branches and 1,272 business correspondent branches, of which 297 are banking outlets.

R Subramaniakumar, MD&CEO, RBL Bank said Our advances and deposits have shown substantial growth, with a notable improvement in operating leverage. We're witnessing the fruition of our strategic initiatives, as momentum builds and our efforts in various areas yield promising results.

Meanwhile, the banks board recommended dividend of Rs 1.50 per equity share for FY24, subject to the approval of the shareholders.

RBL Bank is one of India's leading private sector banks with an expanding presence across the country. The bank offers specialized services under five business verticals namely: corporate & institutional banking, commercial banking, branch & business banking, retail assets and treasury and financial markets operations.

Shares of RBL Bank rose 1.07% to close at Rs 265.55 on Friday, 26 April 2024.

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