RBL Bank's net profit grows at 30% in Q4 FY24, Rs 1.50 dividend declared
RBL Bank's net profit was at Rs 353 crore for the quarter as against Rs 271 crore reported in the year ago period. The total revenue for the reporting quarter was Rs 2,475 crore, which is 7% growth QoQ
- Apr 27, 2024,
- Updated Apr 27, 2024 1:53 PM IST
RBL Bank on Saturday reported that its net profit and deposits grew 30 per cent and 22 per cent, respectively, in the January-March quarter of FY24. The company board declared strong operating profit growth of 49 per cent in year-on-year (YoY) terms.
Its net profit was at Rs 353 crore for the quarter as against Rs 271 crore reported in the year ago period. The total revenue for the reporting quarter was Rs 2,475 crore, which is 7% growth QoQ. The profit after tax (PAT) jumped 51% on the quarter-on-quarter basis versus 233 crore posted in the October-December quarter.
The lender reported an operating profit of Rs 8,887 crore, recording a 49 per cent rise YoY and a 16 per cent appreciation on QoQ terms.
The gross non-performing assets (GNPA) improved 72 bps YoY to 2.65 per cent while NNPA improved 36 bps YoY to 0.74 per cent.
RBL Bank declared a 15 per cent dividend while announcing the Q4 results of 2024. The bank said: "This is to inform you that the Board of Directors of RBL Bank Limited (“the Bank") at its meeting held today i.e. on April 27, 2024, has, inter-alia considered and approved a dividend of Rs. 1.50 per equity share of Rs 10/- each fully paid up (i.e. 15 %) to be payable subject to the approval of the shareholders of the Bank at the ensuing Annual General Meeting."
Shares of RBL Bank closed at Rs 266.30 on the NSE, down by 1.27%.
➢ Operating profit grew 49% YoY & 16% QoQ to `887 crore ➢ ROA of above 1% for last 5 quarters (excluding contingency provision created on AIF investments in Q3 FY24) ➢ Q4 ROA at 1.08%; ROE at 9.73% ➢ Net Advances grew 20% YoY & 5% QoQ to `83,987 crore ➢ Retail Advances grew at faster pace; grew by 30% YoY & 6% QoQ to `49,147 crore; Retail: Wholesale mix was 59:41 ➢ Retail Disbursements for Q4 FY24 was `6,163 crore; of which `2,009 crore was towards new secured retail products ➢ 6 lakhs new customers added during the quarter ➢ Total Deposits grew 22% YoY & 12% QoQ to `103,494 crore; CASA Ratio at 35.2% ➢ Deposits less than 2 crore grew 24% YoY & 6% QoQ to `43,753 crore; at 42.3% of total deposits ➢ Overall Capital Adequacy was 16.18%; CET 1 was 14.38% ➢ Average LCR was 140% ➢ GNPA down 72bps YoY & 46bps QoQ to 2.65%; NNPA down 36 bps YoY & 6bps QoQ to 0.74% ➢ Provision Coverage Ratio including Technical Writeoff was 89.8% ➢ Operating profit grew 38% YoY to Rs 3,031 crore ➢ As per RBI directions dated 19th December 2023; Bank had created contingent provision of Rs 115 crore on AIF investments in Q3 FY24 ➢ Excluding this contingent provision, Net Profit grew 42% YoY to Rs 1,253 crore; Reported Net Profits grew 32% YOY to Rs 1,168 crore ➢ Excluding this contingent provision, ROA was 1.03% vs 0.83% for FY23; Reported ROA was 0.96% for FY24 ➢ Retail Disbursements for FY24 was Rs 21,909 crore vs Rs 12,903 crore for FY23; of which Rs 7,478 crore was towards new secured retail products in FY24 ➢ 27 lakhs new customers added during FY24
“We're pleased to report another period of robust financial performance. 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,” said R. Subramaniakumar, MD & CEO, RBL Bank.
RBL Bank on Saturday reported that its net profit and deposits grew 30 per cent and 22 per cent, respectively, in the January-March quarter of FY24. The company board declared strong operating profit growth of 49 per cent in year-on-year (YoY) terms.
Its net profit was at Rs 353 crore for the quarter as against Rs 271 crore reported in the year ago period. The total revenue for the reporting quarter was Rs 2,475 crore, which is 7% growth QoQ. The profit after tax (PAT) jumped 51% on the quarter-on-quarter basis versus 233 crore posted in the October-December quarter.
The lender reported an operating profit of Rs 8,887 crore, recording a 49 per cent rise YoY and a 16 per cent appreciation on QoQ terms.
The gross non-performing assets (GNPA) improved 72 bps YoY to 2.65 per cent while NNPA improved 36 bps YoY to 0.74 per cent.
RBL Bank declared a 15 per cent dividend while announcing the Q4 results of 2024. The bank said: "This is to inform you that the Board of Directors of RBL Bank Limited (“the Bank") at its meeting held today i.e. on April 27, 2024, has, inter-alia considered and approved a dividend of Rs. 1.50 per equity share of Rs 10/- each fully paid up (i.e. 15 %) to be payable subject to the approval of the shareholders of the Bank at the ensuing Annual General Meeting."
Shares of RBL Bank closed at Rs 266.30 on the NSE, down by 1.27%.
➢ Operating profit grew 49% YoY & 16% QoQ to `887 crore ➢ ROA of above 1% for last 5 quarters (excluding contingency provision created on AIF investments in Q3 FY24) ➢ Q4 ROA at 1.08%; ROE at 9.73% ➢ Net Advances grew 20% YoY & 5% QoQ to `83,987 crore ➢ Retail Advances grew at faster pace; grew by 30% YoY & 6% QoQ to `49,147 crore; Retail: Wholesale mix was 59:41 ➢ Retail Disbursements for Q4 FY24 was `6,163 crore; of which `2,009 crore was towards new secured retail products ➢ 6 lakhs new customers added during the quarter ➢ Total Deposits grew 22% YoY & 12% QoQ to `103,494 crore; CASA Ratio at 35.2% ➢ Deposits less than 2 crore grew 24% YoY & 6% QoQ to `43,753 crore; at 42.3% of total deposits ➢ Overall Capital Adequacy was 16.18%; CET 1 was 14.38% ➢ Average LCR was 140% ➢ GNPA down 72bps YoY & 46bps QoQ to 2.65%; NNPA down 36 bps YoY & 6bps QoQ to 0.74% ➢ Provision Coverage Ratio including Technical Writeoff was 89.8% ➢ Operating profit grew 38% YoY to Rs 3,031 crore ➢ As per RBI directions dated 19th December 2023; Bank had created contingent provision of Rs 115 crore on AIF investments in Q3 FY24 ➢ Excluding this contingent provision, Net Profit grew 42% YoY to Rs 1,253 crore; Reported Net Profits grew 32% YOY to Rs 1,168 crore ➢ Excluding this contingent provision, ROA was 1.03% vs 0.83% for FY23; Reported ROA was 0.96% for FY24 ➢ Retail Disbursements for FY24 was Rs 21,909 crore vs Rs 12,903 crore for FY23; of which Rs 7,478 crore was towards new secured retail products in FY24 ➢ 27 lakhs new customers added during FY24
“We're pleased to report another period of robust financial performance. 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,” said R. Subramaniakumar, MD & CEO, RBL Bank.