Buy RBL Bank; target of Rs 650: Axis Direct

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26 Aug, 2025 12:21

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Axis Direct's research report on RBL Bank

We met with the senior management of RBL and came back confident on its outlook and execution capabilities. Growth rates to remain healthy with benefits flowing from multi-channel distribution network. NIM to remain intact with granular retail franchise. Some near-term challenges persists like asset quality pain in farm loan book and credit costs linked to demonetization-impacted MFI loans, which will ease over next few quarters.

Outlook
We expect RBL to scale up materially without any significant teething issues while achieving best in class performance across major parameters. RBL is transitioning from being a wholesale-focused regional player to an agile technology-leader with a diversified portfolio, focus on strategic niche customer segments, and pan-India aspirations. Retain BUY with a TP of Rs 650.
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