RBL Bank's Q4 PAT Surges 37 Percent to 271 Cr,Rupees Company Announces Dividend and Reduced Provisions
Latest Markets Update: RBL Bank, a private bank based in Mumbai, India, has reported impressive financial results for the quarter ended March 31, 2023. The bank's net profit increased by 37% year-over-year to reach ₹271 crore and was up 30% from the previous quarter. The bank saw single-digit growth in interest income, but recorded a significant decline in provisions sequentially, while its asset quality continued to improve.
In terms of numbers, the bank's net interest income rose by 7% YoY and 5% QoQ to reach ₹1,211 crore, with a net interest margin of 5.01%. Provisions dropped by 41% to
₹235 crore in Q4FY23 compared to the same period in the previous fiscal year. The bank's gross non-performing assets decreased to 3.37% in Q4FY23 compared to 3.61% in the previous quarter and 4.40% in Q4FY22. Net NPA also decreased to 1.10% in Q4FY23 from 1.18% in Q3FY23 and 1.34% in Q4FY22.
RBL Bank witnessed a 7% year-over-year increase and a 4% quarter-over-quarter growth in its total deposits, which amounted to ₹84,887 crore. CASA deposits increased by 14% YoY and 6% QoQ to reach ₹31,717 crore, while retail deposits rose by 18% YoY and 4% QoQ to reach ₹36,319 crore.
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bank's loans grew faster than its deposits, with a 17% YoY and 5% QoQ increase, bringing the total loan amount to ₹70,209 crore. Retail advances surged 21% YoY and 8% QoQ to reach ₹37,778 crore, with retail disbursements reaching ₹4,391 crore. In addition, RBL Bank witnessed a substantial increase of 86% in the year-over-year growth of its housing loans, while rural vehicle finance exceeded the milestone of ₹1000 crore.
During the quarter, RBL Bank issued 550,000 credit cards, bringing the total number of outstanding credit cards to 4.4 million. Furthermore, the bank's total customer base increased by 16% compared
the previous fiscal year, reaching 12.91 million. RBL Bank has ample capital with an overall capital adequacy ratio of 16.9%, a Common Equity Tier 1 ratio of 15.3%, and an average Liquidity Coverage Ratio of 126%.
Additionally, RBL Bank's board members declared a dividend of ₹1.50 per equity share, subject to the approval of shareholders at the Annual General Meeting. Overall, RBL Bank's strong financial results demonstrate its commitment to delivering value to its customers and shareholders, and its focus on improving asset quality, growing its loan book, and expanding its customer base bodes well for its future growth prospects.