Quarterly Net Profit at RBL Bank Soars 30% YoY To Rs 352.64 Crore, With An Announced Rs 1.5 Dividend

The private sector lender RBL Bank said on Saturday that its net profit for the fourth quarter that ended on March 31, 2024, increased by 30% year over year to Rs 352.64 crore. From January to March 2024, its net interest income (NII) (interest earned less interest spent) was Rs 1,599.85 crore, 17.87 percent more than it was in the same period the previous year at Rs 1,357.28 crore.

Its net profit for the same time last year was Rs 271.05 crore.

Additionally, the board of directors of the bank has authorized a dividend for FY24 of Rs 1.5 per equity share.

In a BSE filing, RBL Bank said that its board of directors proposed a dividend of Rs 1.50 per equity share of Rs 10 each fully paid up (i.e., 15%) to be paid, subject to the approval of the bank’s shareholders at the next annual general meeting.

Operating profit at RBL Bank increased by 49% year over year to Rs 887 crore.

a five-quarter ROA of more than 1% (except from the contingency provision made on AIF investments in Q3 FY24).

Overall deposits increased by 22% year over year. Deposits under Rs 2 crore with the lender increased by 24% YoY to Rs 43,753 crore, or 42.3% of total deposits.

Net advances made by the bank increased 20% year over year to Rs 83,987 crore.

Additionally, the lender recruited 6 lakh new clients between January and March of 2024.

Regarding asset quality, RBL Bank’s net non-performing assets (NPA) decreased by 36 basis points (bps) to 0.74 percent and its gross non-performing assets (GNPAs) decreased by 72 bps year over year to 2.65 percent.

It has a 16.18% total capital adequacy ratio. At 14.38%, CET-1 was present.

As per the filing, the average liquidity coverage ratio (LCR) was at 140%.

RBL Bank MD & CEO R Subramaniakumar commented on the Q4 results, saying, “We’re happy to announce another quarter of excellent financial success. Our deposits and advances have increased significantly, and our operational leverage has significantly improved. Our strategic objectives are starting to take shape as we see encouraging outcomes from our work across a number of domains and as momentum grows.