RBL Bank Q4 net profit jumps 39% to Rs 247 cr

New Delhi: Private sector lender RBL Bank on Thursday reported a jump of 39 per cent in its net profit to Rs 247.2 crore for the fourth quarter ended March 31, 2019.

The bank had registered a net profit of Rs 178.10 crore in the January-March period of the preceding fiscal (2017-18).

Total income during the quarter ended March 2019 rose by 41 per cent to Rs 1,148 crore as against Rs 812.40 crore in the year-ago period, the bank said in a release.

The net interest income during three months to March were up by 48 per cent to Rs 738.70 crore from Rs 500.50 crore a year earlier.

For the full fiscal 2018-19, the bank’s net profit rose by 37 per cent to Rs 867 crore compared to Rs 635.10 crore. Income during the fiscal stood at Rs 3,981.90 crore, up by 40 per cent from Rs 2,834.50 crore in 2017-18.

The asset quality of the bank strengthened with the gross non-performing assets (NPAs) falling to 1.38 per cent of gross advances as on March 2019 from 1.40 per cent in the year-ago period.

Net NPAs too came down to 0.69 per cent from 0.78 per cent. “The year 2018-19 has been a challenging year for the banking sector …our Bank has continued to consistently maintain its strong growth momentum and improvement in operating metrics while maintaining robust asset quality. In our chosen segments the bank continues to grow at a rapid pace,” Vishwavir Ahuja, MD & CEO, RBL Bank said.

Ahuja said the bank continues to see strong traction in customer acquisition and brand acceptance across all businesses.

Stock of the bank traded 0.71 per cent down at Rs 676.10 on BSE on Thursday.

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