RBL Bank Q4 Results: Net Profit Grew 30% YoY; Rs. 1.50/Share Dividend Declared

The Board of Directors of RBL Bank Limited approved the audited financial results for the quarter and year ended 31st March 2024 at its meeting held on Saturday, 27th April 2024. The bank reported a strong net profit of Rs 353 Cr in the quarter under review compared to Rs 271 Cr in the year-ago quarter representing a growth of 30%. The bank's net interest income (NII) stood at Rs 1,600 Cr in Q4FY24 up by 18% YoY from Rs 1,357 Cr in Q4FY23. The bank's net interest margin reached 5.45% which was 5.62% in the same quarter of FY23.

RBL Bank reported a net total income of Rs 2,475 Cr in Q4FY24 up by 22% YoY from Rs 2,031 Cr in Q4FY23. The operating profit of the bank stood at Rs 887 Cr which was Rs 594 Cr in the year-ago quarter, representing a growth of 49%.

Q4 ROE was 9.73%, while Q4 ROA was 1.08%. The bank's net advances increased to Rs 83,987 crore, 20% YoY and 5% QoQ. To reach Rs 49,147 crore, the retail advances book climbed 30% YoY and 6% sequentially. Total deposits at the bank increased by 22% YoY and 12% QoQ to Rs 103,494 crore, with a CASA Ratio of 35.2%. Deposits under 2 crore climbed by 24% YoY and 6% QoQ to Rs 43,753 crore, or 42.3% of total deposits. CASA reached Rs 36,448 crore, up 15% YoY.

Regarding asset quality, the Gross NPA ratio climbed by 72 basis points in a year, from 3.37% to 2.65% as of March 31, 2024. According to RBL Bank, its Net NPA ratio jumped by 36 basis points in a year, from 1.10% as of March 31, 2023, to 0.74% as of March 2024. The Provision Coverage Ratio, which includes technical write-offs, improved by 480 basis points in a year to 89.8% as of March 31, 2024, from 85.0%.

The bank featured 1817 total touch points as of March 31, 2024, of which 1,272 business correspondent branches and 545 bank branches make up. 297 of the 1272 BC branches are banking establishments. The bank's 100% subsidiary RBL Finserve Limited (RBL Finserve) is responsible for 952 business correspondent branches. In FY24, 106 new BC branches and 28 new Bank branches were added.

Mr. R Subramaniakumar, MD&CEO, RBL Bank said, "We're pleased to report another period of robust financial performance. Our advances and deposits have shown substantial growth, with a notable improvement in operating leverage. We're witnessing the fruition of our strategic initiatives, as momentum builds and our efforts in various areas yield promising results."

The Board of Directors "Recommended dividend of Rs. 1.50 per equity share of Rs 10/- each fully paid up (i.e. 15 %) to be payable subject to the approval of the shareholders of the Bank at the ensuing Annual General Meeting ("AGM")," said RBL Bank in a stock exchange filing.