RBL Bank's profits increase, supported by strong loan growth.

Bengaluru, July 17 (Reuters) - India's RBL Bank announced on Friday a rise in first-quarter profit, boosted by strong loan growth, particularly in the corporate banking sector.

Here are some details:

  • Quarterly net profit rose 27 percent year-on-year to 2.54 billion rupees ($26.38 million).

  • Net interest income, the difference between interest received on loans and interest paid on deposits, increased 12 percent to 16.54 billion rupees.

  • The Indian banking sector saw strong credit growth during this quarter, driven by increased corporate borrowing and continued demand for personal loans, gold loans and small business financing.

  • Net loans granted by the bank increased by 23 percent compared to the previous year, with wholesale loans rising by 38 percent, including corporate loans.

  • The net interest margin fell to 4.13 percent, compared to 4.41 percent in the previous quarter.

  • Last month, Emirates NBD completed its acquisition of a 60 percent stake in the bank, in one of the largest cross-border deals in the Indian financial sector.

(US Dollar = 96.2800 Indian Rupees)


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