RBL Bank Ltd on Thursday reported a 34.8% year on year increase in its June quarter net profit due to higher net interest income and other income. Net profit for the quarter stood at Rs 190.04 crore against Rs 141.02 crore a year ago. According to 7 Bloomberg analysts’ estimate, the bank was expected to post a profit of Rs 191 crore.
Net interest income (NII), or the core income a bank earns by giving loans, was up 46.07% to Rs552.70 crore versus Rs378.38 crore last year. Other income surged 26.9% to Rs 325.97 crore.
Provisions and contingencies rose 48.58% to Rs140.35 crore in the quarter from Rs94.46 crore a year ago. On a quarter-on-quarter basis, they increased 24.4% from Rs112.86 crore.
Gross non-performing assets (NPAs) surged 30.2% to Rs595.94 crore at the end of the June quarter from Rs457.81 crore in the same quarter last year.
As a percentage of total loans, gross NPAs stood at 1.4% as compared to 1.4% in the previous quarter and 1.46% in the year-ago quarter. Net NPAs were at 0.75% in the June quarter compared to 0.78% in the previous quarter and 0.81% in the same quarter last year.
Advances for the quarter grew 36% to Rs 42,198 crore, while deposits rose 27% to Rs 44,950 crore. Net interest margin rose to 4.04% against 3.54% a quarter ago.
“In the quarter gone by, we have crossed the important milestone of 4% in net interest margins. We have been able to maintain our growth momentum inspite of macro headwinds and continue to demonstrate profitable growth while maintaining robust asset quality”, said Vishwavir Ahuja managing director and chief executive officer of the bank.
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