Private sector lender RBL Bank on Thursday reported a net profit of Rs 197.8 crore for the fourth quarter ended March 31, 2022.

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In the corresponding quarter last year, the bank posted a net profit of Rs 75.3 crore. CNBC-TV18 Polls had predicted a profit of Rs 218.1 crore for the quarter under review.

Net interest income (NII), which is the difference between the interest income a bank earns from its lending activities and the interest it pays to depositors, grew 24.9 percent YoY to Rs 1,131.4 crore against Rs 906 crore in the same period previous fiscal.

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Gross NPA stood at 4.40 percent in the March quarter against 4.84 percent in the December quarter. Net NPA came at 1.34 percent against 1.95 percent quarter-on-quarter.

In monetary terms, gross NPA stood at Rs 2,728.4 crore against Rs 2,901.9 crore quarter-on-quarter (QoQ), whereas Net NPA came at Rs 806.6 crore against Rs 1,075.5 crore (QoQ).

During the quarter, the bank earned an operating profit of Rs 657 crore and for FY22, it was Rs 2,745 crore. The Provision Coverage Ratio improved 750bps sequentially to 70.4 percent against 62.9 percent as of December 31, 2021.

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Commenting on the performance, Rajeev Ahuja, MD and CEO (interim), RBL Bank, said, "This quarter has been one of stable business performance and we continued to improve in both profitability and asset quality."

"We are entering the new fiscal with a relatively clean slate on asset quality, remain well capitalised and our business operating rhythm holds us in good stead to grow meaningfully in our chosen segments with improved profitability metrics," he added.

As of March 31, 2022, the bank has 502 bank branches and 1,418 business correspondent branches, of which 289 are banking outlets.

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The results came after the close of the market hours. Shares of RBL Bank ended at Rs 101.75, down by Rs 6.55, or 6.05 percent on the BSE.

First Published:May 12, 2022 4:42 PM IST