RBL Bank Q2 results: Net profit rises 46% YoY to ₹294 crore, net interest income up by 26% | Mint
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Business News/ Companies / Company Results/  RBL Bank Q2 results: Net profit rises 46% YoY to 294 crore, net interest income up by 26%
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RBL Bank Q2 results: Net profit rises 46% YoY to ₹294 crore, net interest income up by 26%

RBL Bank Q2 results: The net interest income (NII) of the RBL Bank grew 26% YoY to ₹1,475 crore while the revenue of the bank witnessed a YoY jump of 24% to ₹2,179 crore

RBL Bank reported a net profit of ₹294 crore in the September quarter. HtPremium
RBL Bank reported a net profit of 294 crore in the September quarter. Ht

RBL Bank Q2 results: RBL Bank released their July-September quarter results on Saturday and reported a 46% year-on-year jump in their net profits which jumped to 294 crore during Q2FY24 from 202 crore during the same quarter last fiscal. The net interest income (NII) of the RBL Bank grew 26% YoY to 1,475 crore while the revenue of the bank witnessed a YoY jump of 24% to 2,179 crore.

Also Read: RBL Bank launches zero-balance Go Savings Account; all you need to know

Sequentially, the net profit of the bank grew 2% as it was 288 crore during Q1FY24, while the revenue of the RBL Bank jumped 3% QoQ as it was 2,108 crore during the quarter ending June 2023. In terms of net interest income, the quarterly jump has been 4% as it was recorded as 1,422 crore during the first quarter of fiscal year 2024.

“We are happy to announce yet another quarter of improving operating performance. The advances growth was healthy with strong growth in retail segment. Our revenue has grown at healthy pace; operating expenses are stable sequentially, driven by continued cost optimisation. In order to further strengthen the balance sheet and build buffers proactively, we have taken contingent provision on our credit card & microfinance portfolio. We are also pleased with the progress we are making on cross sell opportunity, within the large card and liability base we have, and we expect this to accelerate further going forward," R Subramaniakumar, MD&CEO, RBL Bank said.

Asset Quality

The Gross NPA ratio of the RBL Bank witnessed an improvement of 65 bps on a yearly basis as declined to 3.12% during the period under review from 3.22% during Q1FY24 and 3.80% during the same period last fiscal. Similarly, the Net NPA ratio improved by 48 bps as it was recorded at 0.78% during Q2FY24 from 1.00% during the previous quarter and 1.26% during the year-ago period.

The total provisions of the bank including specific, general, and contingent at 106% of Gross NPA.

CASA grew 12% YOY and 1% QOQ to 32,089 crore. CASA ratio at 35.7% vs 36.2% as at 30th Sep 2022.  Total deposits grew 13% YOY and 5% QOQ to `89,780 crore. Retail Deposits (as per LCR definition) grew 19% YOY and 4% QOQ to 39,706 crore," the company release added. 

The shares of the RBL Bank were trading 0.81% lower on NSE at 243.65 apiece on Friday closing.

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Devesh Kumar
I cover politics, geo-politics, economy, and technology and have keen interest in understanding and analyzing the complex issues that shape our world. I am committed to delivering well-researched, balanced, and thought-provoking stories that provides insights into the key trends and developments.
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Published: 21 Oct 2023, 02:14 PM IST
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