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As on Jul 20, 2017 12:00 AM Your results on : Corporate Results    
RBL Bank
20-Jul-2017 (21:28)
RBL Bank recorded strong 45% surge in its net profit to Rs 141.02 crore for the quarter ended June 2017 (Q1FY2018), supported strong improvement in Net Interest Income (NII) as well as non-interest income. The bank has recorded substantial improvement in net interest margins (NIMs) to 3.54% in Q1FY2018 from 2.8% in Q1FY2017. The bank has posted strong 53% growth in the non-interest income, driven by surge in both core fee income as well as treasury income.

The bank has exhibited further improvement in CASA ratio to 22.1%, driven by 121% surge in saving account deposits of the bank. The bank has also posted robust 38% business growth end June 2017 over June 2016. However, the bank has witnessed deterioration in asset quality, due to stress in the micro banking book.

Asset quality weakens: The asset quality of bank was impacted due to stress in the micro banking book in Q1FY2018.

  • Fresh slippages of advances to NPA category surged to Rs 152 crore in the quarter ended June 2017, while recoveries and upgradations were at Rs 17 crore. The write-offs were at Rs 35 crore.
  • Outstanding standard restructured advance book was flat at Rs 75 crore (0.24% of advances) at end June 2017.
  • The has continued to not to sale any asset to ARCs, conduct any refinancing under 5/25, S4A and SDR scheme.
  • The provision coverage ratio of the bank stood at 58% at end June 2017.
  • Risk weighted assets moved up 35% to Rs 39261 crore at end June 2017.
Asset Quality Indicators: RBL Bank
17061703161216091606Variation
QoQYoY
Gross NPA (Rs Crore)457.81356.84284.7274.65252.612881
Net NPA (Rs Crore)250.42189.94139.6137.97147.83269
% of GNPA1.461.201.061.101.132633
% of NNPA0.810.640.520.550.661715
Provision coverage ratio %57.9959.5860.9660.3054.70-159329
% CRAR - Basel III13.0613.7213.8014.5512.01-66105
% CRAR - Basel III - Tier I11.1011.4012.1012.5010.60-3050
Variation in basis points for figures given in percentages and in % for figures in Rs crore

Business Highlights

Robust business growth: The bank has continued maintain strong business growth of 38% yoy at Rs 66536 crore at end June 2017. Deposits increased 37% yoy to Rs 35428 crore, while the advances surged 40% at Rs 31108 crore at end June 2017. The credit-deposit ratio of the bank rose to 87.8% from 85.1% a quarter ago and 86.3% a year ago.

CASA ratio continues to improve: CASA deposits surged 64% yoy to Rs 7824 crore at end June 2017. CASA ratio improved to 22.1% at end June 2017 from 22% a quarter ago and 18.5% a year ago.

Strong loan growth for all segments: The growth in the Corporate & Institutional segment and Commercial Banking (together termed as Wholesale portfolio) was pegged at 37%, while that of other segments (Retail Assets, Development Banking & Financial Inclusion and Agriculture - together termed as (Non-wholesale portfolio) was 44%. The non-wholesale portfolio constituted about 40% of the loan portfolio of the Bank end June 2017.

NIM improves: NIM of the bank improved sharply by 74 bps yoy 3.54% in Q1FY2018. Cost of funds declined 80 bps yoy to 6.50%, while yield on earnings assets fell only 10 bps yoy to 9.8% in Q1FY2018.

Network expansion: Bank added 5 branches in Q1FY2018, taking the total tally under the branch network to 244 branches at end June 2017. The Bank added 12 ATMs during the quarter, taking the total number of ATMs to 387 ATMs as at end June 2017.

Book Value per share stood at Rs 119.2 per share at end June 2017, while adjusted book value (net of NNPA and 10% of restructured advances) stood at Rs 112.3 per share at end June 2017.

Quarterly Performance:

NIM jumps boosting NII growth: Bank has reported 21% growth in the interest income to Rs 1042.78 crore, while interest expenses rose mere 7% to Rs 664.40 crore. Thus, NII increased 55% yoy to Rs 378.38 crore in Q1FY2018.

Strong non-interest income growth: Bank has posted 77% surge in treasury income to Rs 75 crore in Q1FY2018, while the core fee income jumped to 45% at Rs 182 crore. The overall non-interest income increased 53% yoy at Rs 256.92 crore in Q1FY2018.

Expense ratio improves: Employee cost increased 33% to Rs 133.01 crore, while the other operating expenses moved up 50% to Rs 190.9 crore. The total operating expenses moved up 42% to Rs 323.91 crore. Expense ratio improved to 51% in Q1FY2018 from 55.2% in Q1FY2017.

The operating profit increased 69% to Rs 311.39 crore in Q1FY2018.

Provisions jumps: Provisions and contingencies increased 122% to Rs 94.46 crore during quarter ended June 2017.

The profit before tax improved 53% to Rs 216.93 crore in the quarter ended June 2017.

Tax rate rises: The effective tax rate increased to 35% in Q1FY2018 from 31.4% in Q1FY2017. Net profit moved up 45% to Rs 141.02 crore in Q1FY2018 over Q1FY2017.

Annual Financial Performance:

For the year ended March 2017 (FY2017), the bank posted 53% growth in the net profit to Rs 446.05 crore. The net interest income improved 49% to Rs 1221.34 crore, while non-interest income moved up 54% to Rs 755.46 crore in FY2017. The expense ratio improved to 53.4% in FY2017 from 58.6% in FY2016. The operating expenses increased 38% to Rs 1056.39 crore, while provision and contingencies galloped 109% to Rs 238.92 crore in FY2017. The profit before tax improved 59% to Rs 681.49 crore in FY2017. The effective tax rate was higher at 34.5%. Net profit moved up 53% to Rs 446.05 crore in FY2017.

RBL Bank: Financial Results

Particulars1706 (3)1606 (3)Var %1703 (12)1603 (12)Var %
Interest Earned1042.78863.69213713.162744.3135
Interest Expended664.40619.0372491.821925.1029
Net Interest Income378.38244.66551221.34819.2149
Other Income256.92167.5453755.46490.5454
Net Total Income635.30412.20541976.801309.7551
Operating Expenses323.91227.74421056.39767.3438
Operating Profits311.39184.4669920.41542.4170
Provisions & Contingencies94.4642.60122238.92114.41109
Profit Before Tax216.93141.8653681.49428.0059
Provision for Tax75.9144.5271235.44135.5274
PAT141.0297.3445446.05292.4853
EPS*(Rs)14.9710.3411.847.76
* Annualized on current equity of Rs 376.72 crore. Face Value: Rs 10, Figures in Rs crore
Source: Capitaline Corporate Database

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