RBL Bank net jumps 28% to Rs 165.3 cr on fee income

Medium-scale private sector lender RBL Bank today reported a 28 percent growth in net income for the three months period to December at Rs 165.33 crore, despite an increase in bad loans and provisions which was offset by higher margins.

Higher advances which grew 38 percent pushed up its net interest margins by 51 bps to 3.89 percent during the reporting quarter which helped it offset the impact of higher provisions and bad loans.

The core net interest income rose 45 percent to Rs 467.29 crore during the quarter under review, which boosted its overall other income by 42 percent to Rs 258.22, while the rising bond yields crimped trading income growth at 11 percent, he said.

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The city-based bank said its bottomline would have been stronger than Rs 165.33 crore had it not been for a charge on investment in Utkarsh Micro Finance. Excluding this net profit would have been Rs 169.18 crore, a growth of 31 percent, Vishwavir Ahuja, managing director and chief executive at RBL Bank told PTI over a concall.

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Gross NPAs rose to 1.56 percent from 1.06 percent at Rs 580 crore due to one chunky account which became an NPA, he said, adding however this account will be regularized in the March quarter. Accordingly, its net NPAs too rose to 0.97 percent from 0.52 percent at Rs 350 crore while the restructured standard assets portfolio has decreased to 0.18 percent from 0.29 percent.

He said the cost-to-income ratio rose marginally to 54.04 percent, adding the move is to bring it down to 51-52 percent over a few years.

"We continue to see strong growth momentum across all our diversified business segments while maintaining strong asset quality. We hope to close the year with a 30 percent uptick in advance," he said.

Advances rose 38 percent to Rs 36,889.58 crore, while deposits grew at a healthier 29 percent to Rs 38,622.54 crore. Net interest income rose to Rs 467.29 crore in the quarter from Rs 321.58 crore, registering an increase of 45 percent. Other income rose to Rs 258.22 crore from Rs 182.26 crore, an increase of 42 percent.

Current accounts and savings accounts (Casa) ratio improved to 24.03 percent from 23.15 percent. Capital adequacy ratio as per Basel III stood at 15.03 percent up from 13.80 percent.

The RBL counter rose 1.43 percent to Rs 535.50 on the BSE, whose benchmark sensex rallied 0.96 percent to close at a record of 36,139.98 today.

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