Private sector lender RBL Bank on Saturday, October 21, reported a 46% rise to ₹2,94 crore in net profit for second quarter of the financial year 2024. In the year ago period, the bank had reported an over 500% surge in its net profit.

CNBC-TV18 earlier predicted net profit to come at ₹252 crore.

The net interest income — which is the difference between the interest earned by a bank and the interest paid — came at ₹1,474.98 crore for the quarter under review, a 26% gain from ₹1,064 crore in the July-September quarter last year.

The bank exhibited return on asset (ROA) of 1.00% compared to 0.77% in Q2 FY23, underscoring its efficient utilization of assets. The operating profit of the bank witnessed growth, increasing by 43% year-on-year (YoY) and 13% quarter-on-quarter (QoQ) to ₹731 crore. The bank's total revenue expanded by 24% YoY and 3% QoQ, reaching ₹2,179 crore.

The Net Interest Margin (NIM) improved to 5.54% from 5.02% in Q2 FY23.

Other income also saw an increase, growing by 21% YoY and 3% QoQ to ₹704 crore. The bank's cost to income ratio improved, standing at 66.5% in Q2 FY24, compared to 69.3% in Q1 FY24 and 70.8% in Q2 FY23.

The bank saw 12% YoY growth in Current Account Savings Account (CASA) balances to ₹32,089 crore. The CASA ratio stood at 35.7%, and total deposits increased by 13% YoY to ₹89,780 crore.

RBL Bank reported robust growth in its advances, with net advances growing by 21% YoY to ₹76,324 crore. The retail advances book surged by 35% YoY to ₹44,092 crore. The bank issued 5.9 lakh credit cards in the quarter, bringing the total outstanding cards to 48 lakh.

The bank's Gross Non-Performing Assets (NPA) ratio came at 3.12% of gross advances as of September 2023, while the Net NPA ratio stood at 0.78% for the period. he provision coverage ratio, including technical write-offs, increased to 88.4%, compared to 85.9% in June 2023 and 84.3% in September 2022.

As of September 30, 2023, the bank had 528 bank branches and 1,206 business correspondent branches, with 296 functioning as banking outlets. RBL Finserve Limited, a 100% subsidiary of the bank, accounted for 882 business correspondent branches.

The shares of RBL settled 0.8% down at ₹243.65 apiece in the session on Friday.