RBL Bank reported standalone net profit of Rs 201.16 crore as against a net loss of Rs 459.47 crore in Q1 FY23 over Q1 FY22.
Total income rose marginally to Rs 2,702.91 crore in Q1 FY23 from Rs 2,679.19 crore in Q1 FY22.Sequentially, the bank's net profit rose 1.68% from Rs 197.83 on 2.29% increase in total income from Rs 2,642.31 crore.
The bank reported profit before tax of Rs 276.12 crore in Q1 FY23 as against a pre-tax loss of Rs 618.22 crore in Q1 FY22.
Net interest income grew by 6% to Rs 1,028 crore while net interest margin (NIM) was constant at 4.36% in Q1 FY23 over Q1 FY22. Operating profit declined 31% to Rs 529 crore in Q1 FY23 from Rs 766 crore reported in the same period last year.
Provisions (other than tax) in Q1 FY23 amounted to Rs 253 crore, down 82% as against Rs 1384 crore recorded in Q1 FY22. Provision coverage ratio improved to 72.5% in Q1 FY23 as against 60.9% in Q1 FY22.
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The gross non-performing assets (NPA) aggregated to Rs 2,537 crore as on 30 June 2022 as against Rs 2,728 crore as of 30 March 2022 and Rs 2,911 crore as at 30 June 2021. The gross NPA ratio was 4.08% as at 30 June 2022 as against 4.40% as at 31 March 2022 and 4.99% as at 30 June 2021. The net NPA ratio was 1.16% as at 30 June 2022 as against 1.34% as at 31 March 2022 and 2.01% as at 30 June 2021.
The bank's deposits increased 6% YoY to Rs 79,216 crore as at 30 June 2022 as against Rs 74,471 crore as 30 June 2021. The bank's advances (net) rose 7% YoY to Rs 60,270 crore as on 30 June 2022 as against Rs 56,527 crore in 30 June 2021. CASA deposits grew 14% YoY to Rs 28,526 crore in the quarter ended 30 June 2022 over Rs 25,071 crore as of 30 June 2021. CASA ratio improved to 36% as against 33.7% as at 30 June 2021.
Net slippages aggregated to Rs 273 crore for the quarter ended 30 June 2022 as against Rs 1,069 crore posted in the same quarter last year. Net slippage ratio stood at 1.09% as on 30 June 2022 as compared to 1.07% as of 31 March 2022 and 2.29% as at 30 June 2021.
Commenting on the performance, R Subramaniakumar, MD & CEO of RBL Bank said, We have started the new financial year with a satisfactory performance on all fronts. The Bank completed the issuance of US $100 million Tier 2 notes in this quarter improving its capital adequacy further. Our focus would be to consolidate, leverage and optimize our existing platform so as to accelerate profitable growth of the balance sheet. We will continue to focus on our key niche areas of cards and microfinance, while accelerating the diversification across more retail products.
RBL Bank is one of India's fastest growing private sector banks with an expanding presence across the country. As of 31 March 2022, the bank had 502 branches and 1,302 business correspondent branches, of which 289 were banking outlets. RBL Finserve, a 100% subsidiary of the bank, accounted for 789 business correspondent branches.
Shares of RBL Bank jumped 4.05% at Rs 94.95 on the BSE.
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