RBL Bank Q1 net profit rises 40.5% to ?267 crore

Mumbai: RBL Bank Ltd on Friday said its first-quarter net profit rose 40.52% on the back of higher net interest income and other income.

The bank posted a net profit of ?267.05 crore for the three months ended 30 June, against ?190.04 crore in the year-ago period. Profit was higher than ?262 crore estimated by a Bloomberg poll of 12 analysts.

Net interest income, or the difference between interest earned on loans and that paid on deposits, increased 47.88% to ?817.32 crore during the quarter, from ?552.7 crore in the corresponding period last year.

Other income, which includes core fee income, rose 47.62% to ?481.21 crore in the three months from ?325.97 crore a year ago.

Gross non-performing assets (NPAs), as a percentage of total advances, were at 1.38% in the June quarter, and 1.40% in the year-ago period.

Provisions during the quarter increased 51.89% to ?213.18 crore, from ?140.35 crore in the year-ago quarter. During the January-March period, the bank had set aside ?199.97 crore in provisions.

Post-provision, the net NPA ratio was at 0.65%, against 0.69% in the March quarter, and 0.75% in the year-ago period.

At 01.06 pm, shares of the bank lost 4.96%, while the Sensex lost 1.04%.

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