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 Rs.247.18 crore, up 38.77% from Rs.178.12 crore a year ago. Analysts expected the bank to post a profit of Rs.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 Rs.738.72 crore versus Rs.500.46 crore last year. Other income was at Rs.409.23 crore, up 31.18% from Rs.311.98 crore a year ago.
Provisions and contingencies surged 77.18% to Rs.199.97 crore in the quarter from Rs.112.86 crore a year ago.
Gross non-performing assets (NPAs) rose 33.15% to Rs.754.62 crore at the end of the March quarter from Rs.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 Rs.58,394 crore while advances increased 34.87% to Rs.54,308 crore.
RBL Bank's board recommended dividend of Rs.2.70 per equity share and also approved raising of funds aggregating up toRs.3,500 crore.
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