Private sector lender RBL Bank saw its January-March net profit rise on higher core income, other income, and lower provisions.
The bank's net profit for the quarter stood at Rs 271 crore, up 36.8% year-on-year. Analysts polled by Bloomberg estimated a Rs 223.02 crore net profit for the three months.
Net interest income, or core income, for the bank rose 7% from a year ago and stood at Rs 1,211 crore. Other income too rose 31.8% year-on-year to Rs 674 crore.
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Gross non-performing asset ratio for the bank fell by 24 basis points sequentially to 3.37%. Similarly, net NPA improved to 1.10% as of March 31, 2023 as compared with 1.18% as of December 31, 2022.
Provisions for the quarter fell 41.4% year-on-year to Rs 234 crore.
The provisions fell on account of lower slippages on incremental basis and recovery from historical NPAs, said RBL Bank Managing Director R Subramaniakumar.
RBL Bank's total deposits saw a growth of 7% year-on-year in the January-March quarter to reach Rs 84,886 crore. The bank's current account and savings account (CASA) deposits grew 14% year-on-year to Rs 31,717 crore.
The bank's advances, on the other hand, grew at a faster clip of 17% year-on-year from Rs 60, 021 crore a year earlier to Rs 70,209 crore as of March 31, 2023. RBL bank's retail advances grew 21% year-on-year to Rs 37,778 crore in Q4 FY23.
The bank guided for increase in advances and deposits at 20% CAGR by FY26. It aims to achieve 50% increase in granular deposits within the same time frame.
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