5.75 Lakhs credit cards issued in this quarter; Total cards outstanding at 5.04mn
FinTech BizNews Service
Mumbai, January 19, 2024: RBL Bank’s has announced unaudited financial results for the quarter ended 31st December 2023.
Results Summary for Q3FY24
Strong Profit Growth:
o Operating profit grew 35% YoY & 5% QoQ to Rs765 crore
o Total Revenue grew 23% YoY and 7% QoQ to Rs2,323 crore
o Net Interest Income grew 21% YoY and 5% QoQ to Rs1,546 crore; NIM was 5.52% vs 5.27% for Q3 FY23
o Other Income grew 26% YoY and 10% QoQ to Rs778 crore
o Core Fee Income grew 23% YoY and 7% QoQ to Rs729 crore
o Cost to Income was 67.1% vs 70.1% for Q3 FY23, down 300bps YoY
o Excluding contingent provision on AIF investments, Net Profit grew 53% YoY & 9% QoQ to
`319 crore; Reported Net Profits grew 12% YoY to Rs233 crore
o Excluding contingent provision on AIF investments, ROA was 1.03% vs 0.78% for Q3 FY23; Reported ROA was 0.75% for Q3 FY24
Steady Deposits Growth; with increased focus on Granular Retail Deposits:
o Total Deposits grew 13% YoY to Rs92,746 crore
o CASA grew 5% YoY to Rs31,338 crore. CASA ratio at 33.8% vs. 36.6% as at 31st Dec 2022
o Deposits less than 2 crore grew 23% YoY & 5% QoQ to Rs41,275 crore; at 44.5% of total deposits
Strong Advances Growth; with focus on secured retail assets & commercial banking:
o Net Advances book grew 20% YoY and 5% sequentially to Rs79,949 crore
o Retail Advances book grew 33% YoY and 5% sequentially to Rs46,371 crore
o Retail disbursement for Q3 FY 24 at Rs5,958 crore
o Retail: Wholesale mix at 58:42
o Housing loans grew 48% YoY; Rural vehicle finance grew 157% YoY
o 5.75 Lakhs credit cards issued in this quarter; Total cards outstanding at 5.04mn
o Commercial Banking grew 19% YoY & 7% QoQ to Rs,912 crore
o Total customers at 14.97mn vs 12.00mn in Q3 FY23, an increase of 2.97mn
Well capitalized for growth with stable liquidity:
o Overall capital adequacy was 16.42% vs 17.07% for Sep 23; Common Equity Tier 1 ratio was 14.58% vs 15.15% for Sep 23
o Average Liquidity Coverage Ratio at 132%
Improving Asset Quality:
o Gross NPA ratio improved to 3.12% vs 3.61% as at 31st Dec 2022, improved by 49 bps in a year
o Net NPA ratio improved to 0.80% vs. 1.18% as at 31st Dec 2022, improved by 39 bps in a year
o Provision Coverage Ratio including technical write offs was 89.3% vs 84.7% as at 31st Dec 2022, improved 460 bps in a year
o Credit cost at 48bps
o The total provisions of the Bank including specific, general and contingent at 108% of GNPA
Expanding Distribution Presence
As of 31st December 2023, the RBL Bank has 538 bank branches and 1,217 business correspondent branches in the country, of which 290 are banking outlets. RBL Finserve Limited (“RBL Finserve”), a 100% subsidiary of the Bank, accounts for 897 business correspondent branches
About RBL Bank
RBL Bank is one of India’s leading private sector banks with an expanding presence across the country. The Bank offers specialized services under five business verticals namely: Corporate Banking, Commercial Banking, Branch & Business Banking, Retail Assets and Treasury & Financial Markets Operations. It currently services over 14.97 million customers through a network of 538 branches; 1,217 business correspondent branches (of which 290 banking outlets) and 388 ATMs spread across 28 Indian states and Union Territories
