RBL Bank’s net profit significantly increased, rising by 43% YoY to 288 crore in the first quarter of FY24 compared to 201 crore in Q1FY23. The private lender was successful in outperforming market expectations.
The bank was able to increase its earnings from the previous quarter by a respectable amount. The net profit of RBL Bank improved sequentially by 6.2% from Rs. 271.05 crore in the fourth quarter of the prior fiscal year (Q4FY23). The non-interest revenue of the private lender dramatically jumped from 613.57 crore to 685.41 crore.
On the BSE, the company’s shares ended the day Friday at 221.60, up 0.91 percent. It has a market value of Rs. 13,289.29 crore. The company’s stock recently reached its 52-week high of 230.45 per share on the BSE on July 17, 2023.
In addition, the RBL Bank board of directors authorized Prakash Gupta’s re-appointment as the bank’s chief compliance officer, effective as of November 1.
Vimal Bhandari, a non-executive, non-independent director of RBL Bank, has decided to leave the role after serving out his tenure.
It is noteworthy that the private bank recently displayed a stunning market surge. In the past month, the share price has climbed by 33%. Its share price has climbed by 133.39 percent over the past 12 months and by 22.26 percent year to date.
The bank posted a 37% YoY increase in net profit to 271 crore in the prior quarter. Provisions dropped by 41% to 235 crore in Q4FY23 from 401 crore in the same period the year before. The provisions were 20% lower than they were in Q3 FY23, when they were 293 crore.
Its profit after taxes increased by 30% in the prior quarter when compared quarter to quarter. However, interest income increased by just one percent.
