RBL Bank reports 46% YoY profit surge to Rs 294 crore in Q2FY24

RBL Bank unveiled their financial results for the July-September quarter on a Saturday, revealing a remarkable 46% year-on-year surge in their net profits, which leapt from Rs 202 crore during the corresponding quarter last fiscal year to Rs 294 crore in Q2FY24. Concurrently, the bank experienced a 26% YoY growth in its net interest income (NII), reaching Rs 1,475 crore, and a 24% YoY upturn in revenue to Rs 2,179 crore.

On a sequential basis, the bank's net profit increased by 2%, rising to Rs 288 crore during Q1FY24, while its revenue surged 3% QoQ to reach Rs 2,108 crore for the quarter ending June 2023. In terms of net interest income, there was a 4% quarterly increase, with it standing at Rs 1,422 crore during the first quarter of the fiscal year 2024.

The Gross NPA ratio showed a yearly improvement of 65 basis points, decreasing to 3.12% during the period under review from 3.22% in Q1FY24 and 3.80% in the same period of the previous fiscal year. Similarly, the Net NPA ratio improved by 48 basis points, registering at 0.78% in Q2FY24, down from 1.00% in the previous quarter and 1.26% in the year-ago period.

The bank's total provisions, encompassing specific, general, and contingent provisions, accounted for 106% of Gross NPA.

The release from the company also highlighted that CASA (Current Account Savings Account) grew by 12% YoY and 1% QoQ to Rs 32,089 crore, with a CASA ratio of 35.7% compared to 36.2% as of September 30, 2022. Total deposits increased by 13% YoY and 5% QoQ to reach Rs 89,780 crore, while retail deposits, as per the LCR definition, rose by 19% YoY and 4% QoQ to Rs 39,706 crore.

On Friday's closing, RBL Bank's shares were trading 0.81% lower on the NSE at Rs 243.65 apiece.

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