RBL Bank Q3 Results: Profit rises 11% YoY to Rs 233 crore; NII grows 21%

Private sector lender RBL Bank on Friday reported 11% year-on-year growth in its standalone net profit to Rs 233 crore for the quarter ended December 2023. The same stood at Rs 209 crore in the last-year quarter.

On a sequential basis, net profit fell 21%. Net interest income, the difference between interest earned and interest expended, increased 21% year-on-year to Rs 1,546 crore in the third quarter. NII jumped 5% quarter-on-quarter.

Excluding contingent provision on AIF investments, net profit saw 53% year-on-year growth at Rs 319 crore.

Operating profit for the reporting period surged 35% year-on-year and 5% quarter-on-quarter to Rs 765 crore.

The lender saw 26% growth in other income to Rs 778 crore and 23% year-on-year growth in core fee income to Rs 729 crore.

The cost-to-income ratio in the third quarter was at 67.1%, compared with 70.1% a year ago, down 300 basis points.

On the asset quality front, the gross NPA ratio improved 49 basis points year-on-year to 3.12%, while net NPAs also improved by 39 basis points to 0.8%.The provision coverage ratio (PCR), including technical write-offs, was 89.3% as of December 2023, showing an improvement of 460 bps in a year

The total provisions of the bank, including specific, general and contingent, were at 108% of gross NPAs, at the end of December quarter.

Overall, the capital adequacy ratio during the quarter stood at 16.42% with the CET 1 ratio of 14.58%.

Net advances book grew 20% year-on-year and 5% sequentially to Rs 79,949 crore, of which retail advances rose 33% year-on-year and 5% sequentially to Rs 46,371 crore. Retail disbursements for Q3FY24 were at Rs 5,958 crore.

Total deposits in the December quarter jumped 13% year-on-year to Rs 92,746 crore.

On Friday, RBL Bank shares closed 3.37% lower at Rs 260.75 on NSE. (Subscribe to ETMarkets WhatsApp channel)