RBL Bank Q2 profit rises to ₹202 cr on lower provision | Mint
RBL Bank’s financial report for Q2FY24 reveals significant improvements. Their net profit surged impressively by 46% year-on-year, increasing from Rs 202 crore to Rs 294 crore. Furthermore, they experienced a 26% YoY growth in net interest income, reaching Rs 1,475 crore, and a 24% YoY increase in revenue, which reached Rs 2,179 crore. On a sequential basis, the bank’s net profit increased by 2% to Rs 288 crore during Q1FY24, and their revenue surged by 3% quarter-on-quarter, reaching Rs 2,108 crore in June 2023.
A notable achievement was the reduction in non-performing assets (NPA). The Gross NPA ratio improved from 3.80% in the same period last fiscal year to 3.12%. Similarly, the Net NPA ratio decreased to 0.78% in Q2FY24, down from 1.26% in the year-ago period. RBL Bank’s total provisions, covering specific, general, and contingent provisions, accounted for 106% of Gross NPA.
The report also highlighted the bank’s robust deposit growth. CASA (Current Account Savings Account) grew by 12% YoY, reaching Rs 32,089 crore, and total deposits increased by 13% YoY to Rs 89,780 crore. Retail deposits, as per the LCR definition, rose by 19% YoY, reaching Rs 39,706 crore.
However, it’s worth noting that on the NSE, RBL Bank’s shares closed 0.81% lower at Rs 243.65 apiece, indicating market fluctuations. Overall, RBL Bank’s Q2FY24 performance showcased strong profitability, asset quality, and deposit growth.
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