Private lender RBL Bank today reported 54.6 per cent jump in net profit at Rs 130.13 crore for the January-March quarter on healthy growth in interest income even as provisions for bad loans rose. The bank’s net profit in corresponding January-March quarter of preceding 2015-16 fiscal was at Rs 84.18 crore. Total income of the bank rose to Rs 1,222.87 crore in the last quarter of FY2016-17, from Rs 904.66 crore in the same quarter of previous fiscal, the bank said in a regulatory filing.
The bank earned a higher interest income of Rs 986.32 crore during the January-March quarter compared to Rs 761.95 crore in the same period of previous year.
On asset front, the net non-performing assets (NPAs) of the bank were at 0.64 per cent of net advances at the end of March quarter, slightly up from 0.59 per cent in the year ago period.
Gross NPAs were 1.20 per cent of gross advances by the end of last quarter, against 0.98 per cent a year earlier.
In value terms, gross NPAs were at Rs 356.84 crore as on March 31, 2017, up from Rs 208.05 crore a year ago.
Net NPAs stood at Rs 189.94 crore at the end of FY2016-17 against Rs 124.44 crore at the end of FY2015-16.
The bank made provisions and contingencies of Rs 82.10 crore for the quarter, more than double from Rs 37.88 crore year ago.
For full 2016-17, the bank’s net profit was at Rs 446.05 crore, up 52.5 per cent from Rs 292.48 crore in 2015-16.
Its Income during the fiscal rose to Rs 4,468.62 crore from Rs 3,234.85 crore in 2015-16.
The board of directors of RBL Bank has proposed a final dividend of Rs 1.80 per share for 2016-17.
Post earnings, shares of RBL Bank jumped by 3.70 per cent to Rs 585.55 apiece on BSE.