RBL Bank Mar-qtr net zooms 55%; scrip hits 52-week high

RBL Bank Mar-qtr net zooms 55%; scrip hits 52-week high

03/05/2017 12:29

Private sector lender RBL Bank Ltd reported a growth of 54.6 per cent in it’s standalone net profit after taxes (PAT) at Rs 130.13 crore for the March quarter of FY 2017, helped by healthy growth in interest income even as provisions for bad loans rose.

The bank had posted a net profit of Rs 84.18 crore during the same period a year ago, RBL Bank Ltd said in a filing to the BSE.

Further, total income of the bank, too, grew by 35.2 per cent at Rs 1,222.87 crore during Q4 FY17, against Rs 904.66 crore in Q4 FY16.

In the quarter, provisions (other than tax) and contingencies jumped sharply to Rs 82.10 crore as against Rs 36.17 crore in previous quarter and from Rs 37.88 crore in corresponding period last year.

During the quarter under review, gross non-performing assets (Gross NPA) of the bank rose to 1.20 per cent of total loans, compared with 0.98 per cent in the year-ago quarter. It’s net NPA too grew to 0.64 per cent from 0.59 per cent during the same period of previous fiscal.

NII, the difference between interest earned on loans and interest paid on deposits, rose 46.6 per cent at Rs 352.16 crore versus Rs 240.18 crore during Q4 FY 16. Non-interest income also jumped 65.8 per cent to Rs 236.55 crore against Rs 142.71 crore during the same period last year.

The Board of Directors of the bank has recommended payment of final dividend at the rate of 18 per cent i.e. Rs 1.80 per equity share to be payable after approval of the shareholders at the ensuing AGM.

After hitting a 52-week high, shares of the bank were trading at Rs 592.20 apiece, up 1.14 per cent, from previous close on BSE at 12:33 hours.

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