RBL Bank on Friday said its first-quarter net profit rose 40.52% on the back of higher net interest income and other income.
The bank posted a net profit of Rs.267.05 crore for the three months ended 30 June, against Rs.190.04 crore in the year-ago period. Profit was higher than Rs.262 crore estimated by a Bloomberg poll of 12 analysts.
Net interest income, or the difference between interest earned on loans and that paid on deposits, increased 47.88% to Rs.817.32 crore during the quarter, from Rs.552.7 crore in the corresponding period last year.
Other income, which includes core fee income, rose 47.62% to Rs.481.21 crore in the three months from Rs.325.97 crore a year ago.
Gross non-performing assets (NPAs), as a percentage of total advances, were at 1.38% in the June quarter, and 1.40% in the year-ago period.
Provisions during the quarter increased 51.89% to Rs.213.18 crore, from Rs.140.35 crore in the year-ago quarter. During the January-March period, the bank had set aside Rs.199.97 crore in provisions.
Post-provision, the net NPA ratio was at 0.65%, against 0.69% in the March quarter, and 0.75% in the year-ago period.
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