RBL Bank Ltd on Thursday reported a 38.77% increase in its March quarter net profit due to higher net interest and other income.
Net profit for the quarter stood at ₹247.18 crore, up 38.77% from ₹178.12 crore a year ago. Analysts expected the bank to post a profit of ₹246 crore, according to a Bloomberg poll.
Net interest income (NII), or the core income a bank earns by giving loans, was up 47.61% to ₹738.72 crore versus ₹500.46 crore last year. Other income was at ₹409.23 crore, up 31.18% from ₹311.98 crore a year ago.
Provisions and contingencies surged 77.18% to ₹199.97 crore in the quarter from ₹112.86 crore a year ago.
Gross non-performing assets (NPAs) rose 33.15% to ₹754.62 crore at the end of the March quarter from ₹566.73 crore in the same quarter last year.
As a percentage of total loans, gross NPAs stood at 1.38%, as compared to 1.38% in the previous quarter and 1.4% in the same quarter a year ago. Net NPAs were at 0.69% in the March quarter compared to 0.72% in the previous quarter and 0.78% in the same quarter last year.
Deposits rose 33.01% to ₹58,394 crore while advances increased 34.87% to ₹54,308 crore.
At 1.10 pm, RBL Bank was trading at ₹673.70 on the BSE, down 1% from its previous close, while India’s benchmark Sensex index fell 0.24% to 39,183 points.
RBL Bank's board recommended dividend of ₹2.70 per equity share and also approved raising of funds aggregating up to ₹3,500 crore.