RBL Bank ended FY23 with the highest quarterly and annual profit, posting a net profit of ₹271 crore for Q4, up 37 per cent y-o-y and 30 per cent q-o-q. For FY23, the profit after tax was 883 crore as against a loss of ₹75 crore for FY22.
Net advances of the bank grew 17 per cent y-o-y and 5 per cent q-o-q to ₹70,209 crore led by 21 per cent y-o-y and 8 per cent q-o-q rise in retail advances ₹37,778 crore, accounting for 46 per cent of the book.
Net Interest Income (NII) of the bank grew 7 per cent y-o-y and 5 per cent q-o-q to ₹ 1,211 crore. NIM for the quarter was at 5.01 per cent compared with 4.74 per cent in the previous quarter.
Total deposits were higher by 7 per cent y-o-y and 4 per cent q-o-q to ₹84,887 crore as of March 31, led by 18 per cent y-o-y and 4 per cent q-o-q to ₹36,319 crore. CASA ratio improved to 37.4 per cent from 35.3 per cent a year ago.
- Also read: IDBI Bank net profit jumps 64 per cent in Q4FY23 to ₹1,133 cr
Gross NPA ratio improved to 3.4 per cent from 3.6 per cent a quarter ago and 4.4 per cent a year ago. The net NPA ratio at 1.1 per cent was also better than 1.2 per cent in the previous quarter and 1.3 per cent in the previous year.
The capital adequacy ratio of the bank was 16.9 per cent, of which the CET-1 ratio was 15.3 per cent.
“We are confident of continuing this momentum into the next year. New initiatives undertaken in FY23 on new secured product launches, and scale-up of granular retail products are also starting to bear fruit. With the scale-up of these products and introduction of new products (both digital and branch based) in the coming year, we expect growth to become more broad-based,” said MD and CEO R Subramaniakumar.
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