Sharekhan's research report on RBL Bank
RBL Bank posted mixed results, with operating performance ahead of expectations, helped by other income and sequentially lower provisions; but tepid advances growth and sequential decline in NIM were dampeners. The bank’s proforma GNPA ratio/NNPA ratio would be 4.57% and 2.52%, respectively, which was significantly higher by 273/181 bps compared to reported numbers. Improving collection efficiency in rest of the business along with BB and below book being well secured etc. are silver linings.
Outlook
RBL Bank trades at 1.06x/0.97x its FY2022E/FY2023E BVPS; We have fine tuned our estimates and maintain a Buy rating on the stock with a revised PT of Rs. 240.
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