RBL Bank Q1 results: Net profit grows 29% to Rs 372 cr, NII up 20%

Private sector lender RBL Bank on Saturday reported a 29 per cent jump in net profit to Rs 372 crore for the June quarter.

The bank's core net interest income grew 20 per cent to 1,700 crore on the back of a 19 per cent rise in advances. Its net interest margin was 5.67 per cent.

The other income grew 18 per cent to Rs 805 crore.

The bank's deposit growth came at 18 per cent during the quarter and was attributed to the differentiated offerings by its managing director and chief executive R Subramaniakumar.

The incremental deposit growth will be able to meet the incremental advance growth for the bank going forward, he said.

On the advances front, the bank will focus on secured retail products like business loans and housing loans going forward, he said, adding that the two cumulatively grew by 19 per cent, while housing rose 52 per cent and rural vehicle surged 74 per cent.

From an asset quality perspective, it witnessed higher stress with the net slippages in the credit card ...