RBL Bank Q1 results: Net profit grows 29% to Rs 372 crore, NII rises 19.5%
RBL Bank’s net profit rose to Rs. 372 crore on a year-on-year basis in the first quarter of FY25, up 29 per cent from Rs. 288 crore in the corresponding period of the previous financial year.
The lender’s net interest income (NII) rose 19.5 percent to Rs 1,699.9 crore, compared to Rs 1,422.3 crore in Q1FY24.
The bank’s asset quality improved with gross non-performing assets declining to 2.69 per cent in Q1FY25 from 3.22 per cent in the corresponding quarter of the previous financial year. Net non-performing assets (NNPA) stood at 0.74 per cent from 1 per cent in the previous financial year.
Net Interest Margin (NIM) stood at 5.67 per cent in the first quarter. Core fees rose 20 per cent YoY to Rs. 769 crore, while other income rose 18 per cent YoY to Rs. 805 crore during the quarter.
“We are pleased to report that we have had another period of stable financial performance. Our performance continues to track our stated targets, with our execution starting to yield promising results. We are seeing the first results of our strategic initiatives,” said R Subramaniakumar, MD&CEO, RBL Bank.
The bank’s total income grew 19 percent year-on-year to Rs 2,505 crore.
Subramaniakumar further said the bank will prioritise growing granular deposits. The lender’s total deposits grew 18 per cent YoY to Rs 1.01 trillion during the quarter. Deposits below Rs 3 crore grew faster at 25 per cent YoY and 5 per cent QoQ to Rs 49,980 crore, accounting for 49.3 per cent of total deposits. The current account and savings account (CASA) ratio stood at 32.6 per cent.
“We continue to focus on the growth of grain deposits and expect the growth to continue,” said Subramaniakumar.
The bank’s net advances grew 19 per cent YoY to Rs 86,704 crore and retail advances grew 31 per cent YoY to Rs 53,737 crore. The bank’s retail:wholesale mix stood at 62:38.
Mortgage loans grew 52 percent year-on-year, rural vehicle financing grew 74 percent year-on-year and commercial banking grew 25 percent year-on-year, the bank said.
First print: Jul 20, 2024 | 4:30 PM IST