RBL Bank on April 29 reported a 37 percent year-on-year jump in its standalone net profit at Rs 271 crore for the March quarter. The private lender's net interest income (NII) rose 7 percent year-on-year to Rs 1,211 crore.
While RBL Bank's net profit managed to beat Street estimates of Rs 222 crore, NII was tad below estimate of Rs 1,219.6 crore.
“We have completed Q4 and FY23 on a strong note with our highest quarterly and annual profit... New initiatives undertaken in FY23 on new secured product launches, and scale up of granular retail products are also starting to bear fruit," said R Subramaniakumar, managing director and chief executive officer, RBL Bank.
The bank's asset quality further improved, with gross NPA ratio falling to 3.37 percent against 3.61 percent in the previous quarter and 4.40 percent in the year-ago period.
Net NPA ratio fell to 1.10 percent versus 1.18 percent in the December quarter and 1.34 percent year-on-year. Net interest margin was 5.01 percent against 4.74 percent in Q3.
"We expect growth to become more broad based. Our asset quality parameters have further improved and capital position continues to be healthy giving us the runway to accelerate sustainable profitable growth," he added.
For the quarter, the bank's net advances grew 17 percent YoY to Rs 70,209 crore. Total deposits grew 7 percent to Rs 84,887 crore. Meanwhile, provisions fell 41.5 percent YoY to Rs 234.7 crore.
Total customers grew to 12.9 million, an increase of 16 percent from the last financial year, the lender said in a press release.