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Results
30-Oct-21
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Analysis
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RBL Bank
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Shows improves performance, asset quality remains concern
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RBL
Bank has recorded 78.63% decline in the net profit to Rs 30.80 crore in the
quarter ended September 2021 Q2FY2022. Interest income has declined 6% to Rs
1974.80 crore. Interest expense fell 9% to Rs 1,059.32 crore. Hence net
interest income fell 2% to Rs 915.48 crore.
With
other income showing a rise of 42% to Rs 592.85 crore, net total income
increased 12% to Rs 1508.33 crore. The core fee income jumped 46% to Rs 506
crore.
Operating
expenses rose 22% to Rs 817.35 crore. As a result, profit before provisions
rose 1% to Rs 690.98 crore. Provisions & Contingencies increased 34%
to Rs 651.49 crore. Profit before tax declined 80% to Rs 39.49
crore compared to Rs 194.19 crore. Provision for tax was an expense of
Rs 8.69 crore, compared to Rs 50.03 crore.
Net interest margin (NIM), which stood at
4.34% as on 30 September 2020 and 4.36% as on 30 June 2021, stood at 4.06% as
on 30 September 2021. CASA ratio, which stood at 30.10% as on 30 September 2020
and 33.7% as on 30 June 2021, stood at 35.4% as on 30 September 2021.
The cost to income ratio rose to 54.19% as on
30 September 2021 from 49.51% as on 30 September 2020.
Asset
quality weakens
The
fresh slippages of loans remained elevated at Rs 1217 crore in Q2FY2022 against
Rs 1342 crore in Q1FY2022.
Recoveries
stood at Rs 290 crore, upgrades at Rs 180 crore and write offs at Rs 527 crore.
Gross
non-performing assets increased to Rs 3,130.93 crore as on 30 September 2021
from Rs 1,911.72 crore as on 30 September 2020 and Rs 2,911.28 crore as on 30
June 2021.
Gross
NPA % rose to 5.40% as on 30 September 2021 from 3.34% as on 30 September 2020
and Rs 4.99% as on 30 June 2021.
Net
non-performing assets moved from Rs 775.77 crore as on 30 September 2020 and Rs
1,137.17 crore as on 30 June 2021 to Rs 1,200.43 crore as on 30 September
2021.
Net
NPA % which stood at 1.38% as on 30 September 2020 and 2.01% as on 30 June 2021
stood at 2.14% as on 30 September 2021.
The
net restructured loans increase to Rs 3.35% end September 2021 from 1.80% end
June 2021.
The
securities receipts book stood at 0.33% end September 2021.
The
bank has improved provision coverage ratio to 76.60% as on 30 September 2021
from 74.8% as on 30 September 2020.
Capital
adequacy ratio moved from 16.09% as on 30 September 2020 and 17.15% as on 30
June 2021 to 16.33% as on 30 September 2021.
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Asset
Quality Indicators: RBL Bank
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Sep-21
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Jun-21
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Mar-21
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Dec-20
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Sep-20
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Variation
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QoQ
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YTD
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YoY
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Gross
NPA (Rs Crore)
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3130.93
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2911.28
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2601.53
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1050.21
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1911.72
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8
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20
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64
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Net
NPA (Rs Crore)
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1200.43
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1137.17
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1241.35
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402.46
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775.77
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6
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-3
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55
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%
of GNPA
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5.40
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4.99
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4.34
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1.84
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3.34
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41
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106
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206
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%
of NNPA
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2.14
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2.01
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2.12
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0.71
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1.38
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13
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2
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76
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Provision
coverage ratio %
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76.60
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76.30
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72.20
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86.40
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74.80
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30
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440
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180
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%
CRAR - Basel III
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16.33
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17.15
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17.50
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17.33
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16.09
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-82
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-117
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24
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%
CRAR - Basel III - Tier I
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15.50
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16.10
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16.60
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17.10
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15.10
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-60
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-110
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40
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Variation
in basis points for figures given in percentages and in % for figures in Rs
crore
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Business
highlights
Deposits
were up 17.18% yoy to Rs 75588 crore. Retail Deposits (as per LCR definition)
grew 42% YOY and 6% QOQ Rs 31,421 crore
CASA
grew 33% YOY and 7% QOQ Rs 26,734 crore. CASA ratio at 35.4% increased from
31.1% in Q2FY21 and 33.7% in Q1FY22.
Advances
were flat at Rs 56009 crore. Retail: Wholesale mix at 55:45. The wholesale
advances grew 5% end September 2021. Retail advances declined 4% due to 26% dip
in the micro banking loans, 14% fall in business loans and 22% dip in other
retail loans. Credit cards loans increased 11% and retail agriculture loans by
10%.
Investment
book of the bank has declined to Rs 21773 crore end September 2021 from Rs
25314 crore end June 2021. The yield on the investment book was 6.6% in
Q2FY2022 from 5.4% in the previous quarter and 5.3% in the corresponding
quarter last year.
The
customer base of the bank has increased to 9.97 million with the addition of
0.14 million customers in the quarter ended September 2021.
The
bank added 9 branches during Q2FY22 taking the total number of branches to 445
branches end September 2021. In addition, the Bank also has 1,435 business
correspondent branches, of which 271 are banking outlets.
RBL
Finserve (“RBL Finserve”), a 100% subsidiary of the Bank, accounts for 769
business correspondent branches.Book value stood at Rs 204.4 per share, while adjusted book value net of NNPA and 10% of restructured loans was at Rs 181.3 per share end September 2021.
Financial performance H1FY2022
RBL Bank Interest income has declined 8%
to Rs 4000.63 crore. Interest expense fell 11% to Rs 2115.65 crore. Hence
net interest income fell 4% to Rs 1884.98 crore.
With
other income showing a rise of 64% to Rs 1246.21 crore, net total income
increased 15% to Rs 3131.19 crore. Operating expenses rose 23.69% to Rs
1674.07 crore. As a result, profit before provisions rose 6% to Rs 1457.12
crore. Provisions & Contingencies increased 105% to Rs 2035.85 crore,
Profit before tax reported loss of Rs 578.73 crore compared to profit of Rs
383.75 crore.
Provision for tax was credit of Rs 150.06 crore, compared to debit of Rs 98.37
crore. Net Profit reported loss of Rs 428.67 crore compared to profit of Rs
285.38 crore.
The
cost to income ratio rose to 53.46% as on 30 September 2021 from 49.53% as on
30 September 2020.
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RBL
Bank: Results
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Particulars
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2109 (3)
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2009 (3)
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Var %
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2109 (6)
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2009 (6)
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Var %
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2103 (12)
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2003 (12)
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Var %
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Interest
Earned
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1974.80
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2096.68
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-6
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4000.63
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4356.08
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-8
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8329.02
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8514.38
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-2
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Interest
Expended
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1059.32
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1164.61
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-9
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2115.65
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2382.71
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-11
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4541.46
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4884.74
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-7
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Net
Interest Income
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915.48
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932.07
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-2
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1884.98
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1973.37
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-4
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3787.56
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3629.64
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4
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Other
Income
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592.85
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418.20
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42
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1246.21
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759.32
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64
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1884.04
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1910.25
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-1
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Net
Total Income
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1508.33
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1350.27
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12
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3131.19
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2732.69
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15
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5671.60
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5539.89
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2
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Operating
Expenses
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817.35
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668.52
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22
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1674.07
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1353.43
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24
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2754.58
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2825.57
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-3
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Operating
Profits
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690.98
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681.75
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1
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1457.12
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1379.26
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6
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2917.02
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2714.32
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7
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Provisions
& Contingencies
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651.49
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487.56
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34
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2035.85
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995.51
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105
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2227.94
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1961.54
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14
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Profit
Before Tax
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39.49
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194.19
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-80
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-578.73
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383.75
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PL
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689.08
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752.78
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-8
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Provision
for Tax
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8.69
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50.03
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-83
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-150.06
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98.37
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LP
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181.30
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247.11
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-27
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PAT
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30.80
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144.16
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-79
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-428.67
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285.38
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PL
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507.78
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505.67
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0
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EPS*(Rs)
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2.1
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9.6
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-14.3
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9.5
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8.5
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8.4
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*
Annualized on current equity of Rs 599.33 crore. Face Value: Rs 10, Figures
in Rs crore
PL:
Profit to Loss, LP: Loss to Profit
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Source:
Capitaline Corporate Database
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