2, March, 2024
HomeBusinessRBL Bank Q3 2023-24 Results: Net Profit Surges 11% to Rs 233 Crore, Maintains Healthy Asset Quality

RBL Bank Q3 2023-24 Results: Net Profit Surges 11% to Rs 233 Crore, Maintains Healthy Asset Quality

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Private sector lender RBL Bank has reported a robust 11% year-on-year increase in net profit, reaching Rs 233 crore for the third quarter of the financial year 2023-24. However, the figure falls slightly short of market expectations.

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The bank’s gross non-performing assets (NPAs) have decreased to 3.12%, down from 3.61% in the same quarter last year. Meanwhile, net NPAs for the quarter stand at 0.8%, a significant improvement from 1.18% in the previous year.

The net interest income (NII) has shown a substantial growth of 21%, reaching Rs 1546 crore, compared to Rs 1277 crore reported in the corresponding quarter of the previous fiscal. Although slightly below the estimate of Rs 1,559.1 crore by brokerage company Emkay, this reflects a positive trend.

The bank’s net interest margin stands at 5.52%, an increase from 5.27% in the corresponding quarter last year. However, it marginally declined sequentially from 5.54%.

In compliance with the Reserve Bank of India’s directive on alternative investment funds (AIFs), the bank has made a provision of Rs 115 crore. R Subramaniakumar, the CEO and MD, explained that this provision is related to investments in venture debt funds, primarily targeting new-age digital businesses.

The bank’s advances have grown by 20% year-on-year, reaching Rs 79,949 crore in the quarter. Notably, the retail advances book has witnessed a remarkable 33% growth, amounting to Rs 46,371 crore.

Total deposits for the bank have reached Rs 92,746 crore, reflecting a 13% increase from Rs 81,746 crore. Additionally, CASA deposits have grown by 5% year-on-year, totaling Rs 31,338 crore.

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The overall results demonstrate RBL Bank’s resilience and positive performance in a dynamic financial environment.

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