RBL Bank Q4 Net Profit Rises by 37%, Reaches Rs 271 Crore

RBL Bank, a leading private sector bank in India, announced its financial results for the fourth quarter of the fiscal year 2022 on April 29, 2023. The bank reported a 37% year-on-year increase in its standalone net profit, which rose to Rs 272 crore for the March quarter.

In the March quarter, RBL Bank's asset quality showed signs of improvement as its gross NPA ratio decreased to 3.37 percent from 3.61 percent in the previous quarter and 4.40 percent in the same period last year.

The bank's net interest income (NII) also witnessed a positive growth, with a 7% year-on-year increase to Rs 1,211 crore. This was attributed to the bank's continued focus on retail banking and lending.

The bank has demonstrated an improvement in its asset quality, evidenced by a decrease in the gross NPA ratio to 3.37 percent from 3.61 percent in the previous quarter and 4.40 percent from the same period last year.

Furthermore, the net NPA ratio has also declined to 1.10 percent, compared to 1.18 percent in the December quarter and 1.34 percent year-on-year. The net interest margin has risen to 5.01 percent from 4.74 percent in Q3.

According to a press release from the lender, the bank's net advances for the quarter increased by 17 percent year on year, amounting to Rs 70,209 crore. Total deposits also showed growth, increasing by 7 percent to Rs 84,887 crore. Additionally, provisions decreased significantly by 41.5 percent year on year, amounting to Rs 234.7 crore.

The lender reported an increase in the total number of customers to 12.9 million, which is a 16 percent increase from the previous financial year.