RBL BANK ANNOUNCES AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31st MARCH 2023
The Board of Directors of RBL Bank Limited approved the audited financial results for the quarter and year ended 31st March 2023 at its meeting held on Saturday, 29th April 2023.
Results Summary for Q4FY23 and FY23
- Highest Quarterly and Annual Net Profit:
o Net Profit grew 37% YOY & 30% QOQ to `271 crore for Q4 FY23; Net Profit for FY23 was `883 crore vs Loss of `75 crore for FY22
o ROA of 1.00% vs 0.78% for Q3 FY23
o Operating profit was `594 crore
o Total Revenue grew 15% YOY and 7% QOQ to `1,885 crore
o Net Interest Income grew 7% YOY and 5% QOQ to `1,211 crore; NIM was 5.01% vs 4.74% for Q3FY23
o Other Income grew 32% YOY and 9% QOQ to `674 crore
o Cost to Income was 68.5%
CASA and Deposits Growth:
o CASA grew 14% YOY and 6% QOQ to `31,717 crore. CASA ratio at 37.4% vs. 35.3% as at 31stMarch 2022
o Total deposits grew 7% YOY and 4% QOQ to `84,887 crore
o Retail Deposits (as per LCR definition) grew 18% YOY and 4% QOQ to `36,319 crore
Advances Growth:
o Net Advances book grew 17% YOY and 5% sequentially to `70,209 crore
o Retail Advances book grew 21% YOY and 8% sequentially to `37,778 crore
o Retail disbursement for Q4 FY 23 at `4,391 crore against the disbursement of `2,685 crore in Q3 FY 23
o Retail: Wholesale mix at 54:46
o Housing loans grew 86% YOY; Rural vehicle finance crossed the `1000 crore mark milestone
o Bank introduced new retail asset products like Gold loan, Working capital/ term loan for MSME, Vehicle loans etc. in the last financial year
o 5.5 Lakhs credit cards issued in this quarter; Total cards outstanding at 4.4mn
o Total customers grew to 12.91mn, an increase of 16% in the last financial year
Well capitalized with sound liquidity:
o Overall capital adequacy was 16.9% and Common Equity Tier 1 ratio was 15.3%
o Average Liquidity Coverage Ratio at 126%
Asset quality:
o Gross NPA ratio improved to 3.37% vs. 3.61% as at 31st Dec 2022 and 4.40% as at 31st March 2022, improved by 103 bps over FY 22
o Net NPA ratio improved to 1.10% vs. 1.18% as at 31st Dec 2022 and 1.34% as at 31st March 2022, improved by 24 bps over FY 22
o Provision Coverage Ratio including technical write offs was 85.0% vs 84.7% as at 31st Dec 2022
o Credit cost 29 bps against 39 bps in Q3 FY 23 and 71 bps in in Q4 FY22; Credit cost at 149 bps in FY 23, 70% lower than FY 22
Network
o As of 31st March 2023, the Bank has 517 bank branches and 1,166 business correspondent branches, of which 298 are banking outlets. RBL Finserve Limited (“RBL Finserve”), a 100% subsidiary of the Bank, accounts for 821 business correspondent branches
Key Financials:
| ` in crore | Q4 FY23 | Q4 FY22 | YoY | Q3 FY23 | QoQ | FY23 | FY22 |
| Net Interest Income | 1,211 | 1,131 | 7% | 1,148 | 5% | 4,451 | 4,027 |
| Other Income | 674 | 511 | 32% | 618 | 9% | 2,489 | 2,341 |
| Net Total Income | 1,885 | 1,643 | 15% | 1,767 | 7% | 6,941 | 6,367 |
| Operating Profit | 594 | 657 | (10%) | 567 | 5% | 2,202 | 2,745 |
| Provisions (other than tax) | 235 | 401 | (41%) | 293 | (20%) | 1,022 | 2,860 |
| Net profit (after tax) | 271 | 198 | 37% | 209 | 30% | 883 | (75) |
| ` in crore | March 31, 2023 | March 31, 2022 | YoY | Dec 31,
2022 |
QoQ |
| Advances (Net) | 70,209 | 60,022 | 17% | 66,684 | 5% |
| Retail Advances
(Net) |
37,778 | 31,329 | 21% | 34,977 | 8% |
| Deposits | 84,887 | 79,007 | 7% | 81,746 | 4% |
| CASA | 31,717 | 27,879 | 14% | 29,948 | 6% |
| Investments
(Net) |
28,875 | 22,274 | 30% | 26,777 | 8% |
Key ratios:
| Particulars (in %) | Q4 FY23 | Q4 FY22 | Q3 FY23 | FY23 | FY22 |
| Net Interest Margin | 5.01 | 5.04 | 4.74 | 4.67 | 4.45 |
| Cost to Income | 68.5 | 60.0 | 67.9 | 68.3 | 56.9 |
| Return on Assets | 1.00 | 0.77 | 0.78 | 0.83 | (0.07) |
| Return on Equity | 8.11 | 6.35 | 6.25 | 6.69 | (0.60) |
| Gross NPA | 3.37 | 4.40 | 3.61 | 3.37 | 4.40 |
| Net NPA | 1.10 | 1.34 | 1.18 | 1.10 | 1.34 |
| PCR incl. Technical Write- offs | 85.0 | 83.4 | 84.7 | 85.0 | 83.4 |
| PCR | 68.1 | 70.4 | 68.0 | 68.1 | 70.4 |
Commenting on the performance, R Subramaniakumar, MD&CEO, RBL Bank said “We have completed Q4 and FY23 on a strong note with our highest quarterly and annual profit. We are confident of continuing this momentum into the next year with our strong leadership team and committed employees. Our business growth,driven by granular advances and deposits growth, continues to improve, in line with our strategy and execution. New initiatives undertaken in FY23 on new secured product launches, and scale up of granular retail products are also starting to bear fruit. With the scale-up of these products and introduction of new products (both digital and branch based) in the coming year, we expect growth to become more broad based. Our asset quality parameters have further improved and capital position continues to be healthy giving us the runway to accelerate sustainable profitable growth.”
About RBL Bank
RBL Bank is one of India’s leading private sector banks with an expanding presence across the country. TheBank offers specialized services under five business verticals namely: Corporate Banking, Commercial Banking, Branch & Business Banking, Retail Assets and Treasury & Financial Markets Operations. It currently services over 12.91 million customers through a network of 517 branches; 1,166 business correspondent branches (ofwhich 298 banking outlets) and 414 ATMs spread across 28 Indian states and Union Territories
RBL Bank is listed on both NSE and BSE (RBLBANK). For further details, please visit www.rblbank.com
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RBL BANK ANNOUNCES AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31st MARCH 2023
