India's RBL Bank posts higher profit on strong loan growth
- Net interest income, the difference between interest earned on advances and paid on deposits, grew 12% to 16.54 billion rupees
BENGALURU: India’s RBL Bank reported an increase in its first-quarter profit on Friday, driven by robust loan growth, particularly in the corporate banking segment.
The company’s quarterly net profit rose 27% over the year earlier to 2.54 billion rupees ($26.38 million).
Net interest income, the difference between interest earned on advances and paid on deposits, grew 12% to 16.54 billion rupees.
Indian lenders saw strong credit growth during the quarter as corporate borrowing picked up and demand for personal loans, gold loans and small-business financing remained resilient.
RBL Bank’s net advances grew 23% over the year earlier, with wholesale advances, including corporate loans, surging 38%.
India’s Federal Bank flags 1.5-2% of net worth hit from new RBI norms
Its net interest margin shrunk to 4.13% from 4.41% in the preceding three-month period.
Last month, Emirates NBD Bank completed its acquisition of a 60% stake in the lender, marking one of the largest cross-border deals in India’s financial sector.