RBL Bank reports strong Q1FY24 results with 43% YOY net profit growth
RBL Bank said that its Board of Directors approved the unaudited financial results for the quarter ending June 30, 2023, in a meeting held on Saturday, July 22, 2023. The report showed a solid operating performance, with a net profit increase of 43% year-on-year (YOY) and 6% quarter-on-quarter (QOQ) to ₹288 crore.
The bank’s operating profit grew 22% YOY and 9% QOQ to ₹647 crore, with total revenue registering an 18% YOY and 2% QOQ growth, amounting to ₹1,932 crore.
Net Interest Income saw a boost of 21% YOY and 3% QOQ, contributing ₹1,246 crore, while Other Income experienced a growth of 12% YOY and 2% QOQ, tallying ₹685 crore. The Cost to Income ratio improved to 66.5% in comparison to 68.5% in Q4 FY23 and 67.8% for Q1 FY23.
The bank reported strong advances growth with Net Advances increasing by 21% YOY and 4% sequentially to ₹73,087 crore, and Retail Advances recording a 34% YOY and 8% sequential growth at ₹40,866 crore. Housing loans saw a 77% YOY growth, and rural vehicle finance leapt 194% YOY. The bank also initiated disbursements of new retail asset products like Gold loan, working capital/term loan for MSME, and vehicle loans in the current quarter.
RBL Bank begins FY24 with robust Q1 performance. Photo courtesy of Albert_Deccan/Wikimedia Commons.
The bank maintained a sound liquidity position with an overall capital adequacy of 16.68% and a Common Equity Tier 1 ratio of 15.05%. The average Liquidity Coverage Ratio stood at 129%.
“We have started FY24 with strong operating performance on all parameters. The advances growth was healthy with strong disbursements continuing in retail segment,” said R Subramaniakumar, MD&CEO, RBL Bank. He added that the bank is confident of maintaining this healthy performance in upcoming quarters.