RBL Bank Q1 profit surges 35% to Rs 1.9 billion, revenue up by 30%

RBL Bank's gross non performing assets (NPAs) decreased to 1.40%

RBL bank
Vishwavir Ahuja, MD and CEO, RBL Bank | (Pic: Suryakant Niwate)

RBL Bank on Thursday reported 34.76 per cent jump in net profit at Rs 1.90 billion for the first quarter of the current financial year.

The private sector bank had registered a net profit of Rs 1.41 billion during the April-June quarter of the previous financial year.

Its total revenue for the June quarter of 2018-19 increased by 30.04 per cent to Rs 16.9 billion compared to Rs 12.9 billion in the year-ago period, the bank said in a regulatory filing.

RBL Bank's Net Interest Income (NII) grew by 46 per cent to Rs 5.52 billion during the quarter under review. Its Net Interest Margin (NIM) stood at 4.04 per cent as against 3.54 per cent, in the first quarter of 2017-18.

RBL Bank's gross non performing assets (NPAs) decreased to 1.40 per cent as on June 30, 2018, as against 1.46 per cent a year ago.

Net NPA decreased to 0.75 per cent as at June 30, 2018 against 0.81 per cent as at June 30, 2017.

Net advances as at June 30, 2018 stood at Rs 421 billion as compared to Rs 311 billion as at June 30, 2017, a growth of 36 per cent, the private sector lender said.

Shares of the bank were trading 2.47 per cent down at Rs 551 on BSE.