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RBL Bank announced Q3FY24 results:
Financial Highlights:
- Operating Profit increased to Rs 765 crore, a growth of 35% YoY and 5% QoQ.
- Net Advances escalated to Rs 79,949 crore, marking a 20% YoY and 5% QoQ upsurge.
- Retail Advances saw a significant 33% YoY and 5% QoQ rise to Rs 46,371 crore.
- Total Deposits grew by 13% YoY to Rs 92,746 crore with a 3% QoQ growth.
- CASA Deposits are at Rs 31,338 crore, reflecting a 5% YoY increase.
- CASA Ratio stands at 33.8%, a decrease from 36.6% as of December 31, 2022.
- Net Interest Income (NII) reached Rs 1,546 crore, a 21% YoY and a 5% QoQ growth.
- Other Income showed an increase to Rs 778 crore, 26% YoY and 10% QoQ up.
- Net Total Income grew by 23% YoY and 7% QoQ to Rs 2,323 crore.
- Net Profit (excluding contingent provision on AIF investments) rose to Rs 319 crore, a 53% YoY and 9% QoQ increase; Reported Net Profits were at Rs 233 crore, up by 12% YoY.
- Net Interest Margin (NIM) was stable at 5.52%, compared to 5.27% in Q3FY23.
- Cost to Income Ratio improved to 67.1% from 70.1% in Q3FY23.
- ROA (excluding contingent provision) was at 1.03%, up from 0.78% in the same quarter last year; Reported ROA stood at 0.75% for Q3FY24.
- ROE (excluding contingent provision) was at 8.89%, for the reported period.
- Gross NPA ratio improved to 3.12%, a decrease from 3.61% as of December end of the previous year.
- Net NPA ratio improved to 0.80%, down from 1.18% as of December end of the previous year.
- Provision Coverage Ratio including technical write-offs improved to 89.3% from 84.7% as of December end of the previous year.
- Capital Adequacy Ratio stood at 16.4% with a CET1 of 14.6%.
Growth and Expansion:
- Credit Card Issuance: 5.75 lakh new credit cards were issued this quarter.
- Customer Acquisition: 6.60 lakh new customers were added during the quarter.
- Small Deposits (< Rs 2 crore) increased by 23% YoY to Rs 41,275 crore, contributing to 44.5% of total deposits.
- Branch and ATM Network: The Bank operates through 538 bank branches, 1,217 business correspondent branches, and 388 ATMs across the country.
Commenting on the performance, R Subramaniakumar, MD & CEO, RBL Bank said, “We are happy to announce another quarter of strong financial performance. Our advances & deposits have experienced robust growth with a granularity of both sides of the Balance Sheet catching pace. As per our plan, the Profitability growth has outpaced the Balance Sheet growth. Notably, our execution of strategic goals, have contributed to our performance. We remain well capitalised to take advantage of growth opportunities”.
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