RBL Bank Q4 Results: Net Profit Jumps 30% YoY To Rs 352.64 Crore, Rs 1.5 Dividend Announced

Private sector lender RBL Bank on Saturday reported a 30 per cent year-on-year jump in its net profit to Rs 352.64 crore for the fourth quarter ended March 31, 2024. Its net interest income (NII) — interest earned minus interest expended — during January-March 2024 stood at Rs 1,599.85 crore, which is 17.87 per cent higher than Rs 1,357.28 crore a year ago.

Its net profit had stood at Rs 271.05 crore in the corresponding period last year.

The bank’s board of directors has also approved a dividend of Rs 1.5 per equity share for FY24.

“The board of directors of RBL Bank recommended dividend of Rs 1.50 per equity share of Rs 10 each fully paid up (i.e. 15 per cent) to be payable, subject to the approval of the shareholders of the bank at the ensuing annual general meeting,” RBL Bank said in a BSE filing.

RBL Bank’s operating profit grew 49 per cent YoY to Rs 887 crore.

Its ROA of above 1 per cent for last 5 quarters (excluding contingency provision created on AIF investments in Q3 FY24).

Its overall deposits grew 22 per cent YoY. The lender’s deposits below Rs 2 crore grew 24 per cent YoY to Rs 43,753 crore and comprised 42.3 per cent of total deposits.

The bank’s net advances rose 20 per cent YoY to Rs 83,987 crore.

The lender also added 6 lakh new customers during January-March 2024.

On the assets quality, RBL Bank’s gross non-performing assets (GNPAs) declined by 72 basis points (bps) year-on-year to 2.65 per cent, while its net NPA was down by 36 bps to 0.74 per cent.

Its overall capital adequacy stood at 16.18 per cent. CET-1 was at 14.38 per cent.

The average liquidity coverage ratio (LCR) was at 140 per cent, according to the filing.

On Q4 results, RBL Bank MD & CEO R Subramaniakumar said, “We’re pleased to report another period of robust financial performance. Our advances and deposits have shown substantial growth, with a notable improvement in operating leverage. We’re witnessing the fruition of our strategic initiatives, as momentum builds and our efforts in various areas yield promising results.”