RBL Bank on Saturday reported its fiscal first quarter earnings with consolidated profit at Rs 351.05 crore, up 9.9 per cent as against Rs 319.49 crore reported during the corresponding quarter of previous financial year. The total income recorded during the quarter stood at Rs 4272.06 crore, up 20.4 per cent as against Rs 3549.37 crore posted during the same period last year. On a standalone basis, profit came in at Rs 371.52 crore. The bank’s Net Interest Income (NII) grew by 20 per cent YoY to Rs 1,700 crore and NIM was 5.67 per cent.
R Subramaniakumar, MD & CEO, RBL Bank, said, “We are pleased to report another period of stable financial performance. Our performance continues to track our stated goals, with our execution starting to deliver promising outcomes. We are seeing early results from our strategic initiatives.”
The private sector bank recorded Q1 deposits at Rs 101,352 crore, up 18 per cent on-year. CASA grew by 3 per cent YoY to Rs 33,003 crore. CASA ratio, meanwhile, was at 32.6 per cent.
RBL Bank’s net advances book grew by 19 per cent on-year to Rs 86,704 crore. While retail advances book grew 31 per cent YoY to Rs 53,737 crore, RBL Bank said that the Retail:Wholesale advances mix was at 62:38. Retail disbursement for Q1FY25 came in at Rs 4,152 crore. Meanwhile, housing loans was up 52 per cent YoY, rural vehicle finance grew by 74 per cent YoY, and commercial banking was up by 25 per cent YoY.
Asset Quality
RBL Bank’s gross NPA ratio improved to 2.69 per cent vs 3.22 per cent as at 30th June 2023, improved by 53 bps in a year. The net NPA ratio improved to 0.74 per cent vs 1.00 per cent as at 30th June 2023, improved by 26 bps in a year. Further, Provision Coverage Ratio including technical write offs was 90.0 per cent, improved by 414 bps in a year. The total provisions of the Bank including specific, general and contingent was at 105 per cent of GNPA, RBL Bank said.
Expanding reach
RBL Bank said that its total customer count stood at 15.90mn vs 13.65mn in Q1FY24, an increase of 2.25mn. Further, as of 30th June 2024, RBL Bank has 1806 total touchpoints. Out of these, 545 are bank branches and 1,261 business correspondent branches. Of 1261 business correspondent branches, 297 are banking outlets. RBL Finserve Limited, a 100 per cent subsidiary of the Bank, accounts for 947 business correspondent branches, it stated.