RBL Bank Q2 deposits grow 13% YoY to Rs 89,774 crore; stock jumps 2%

Shares of RBL Bank surged nearly 2 percent in early trade on October 5 as the bank reported a 13 percent growth in deposits to Rs 89,774 crore on year-on-year (YoY) basis.

At 9:24 am, the RBL Bank stock was trading 2.01 percent higher at Rs 254.80 on the NSE.

RBL Bank, the private sector lender has reported total deposits at Rs 89,774 crore for quarter ended September FY24, up 13 percent YoY and 5 percent QoQ, while gross advances grew by 21 percent YoY & 5 percent QoQ to Rs 78,186 crore respectively according to a filing with BSE dated October 4.

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The business update filing further stated that, CASA for the quarter increased by 12 percent YoY & 0.5 percent QoQ to Rs 32,075 crore. Retail advances grew 34 percent YoY and 8 percent sequentially, while wholesale advances grew 7 percent YoY and was flat sequentially for the quarter ended September 30, 2023.

RBL Bank Q1 Results

Private sector lender RBL Bank on July 22 reported a net profit of Rs 288 crore for the first quarter of the current financial year, up from Rs 201 crore in the year-ago period, beating expectations. Brokerage expected a profit of Rs 257 crore for the April-June period.

Also Read: RBL Bank Q1 Results: RBL Bank beats Street estimates with 43.28% surge in Q1 net profit

On July 21, RBL Bank closed at Rs 221.70, up 0.93 percent from the previous close. The benchmark Sensex closed 1.31 percent down at 66,684.26. The Mumbai-headquartered bank’s asset quality improved as gross non-performing assets (GNPAs) declined to 3.22 percent from 4.08 percent in the year-ago period. The net non-performing assets (NNPA), too, declined to 1.00 percent from 1.16 percent in the year-ago quarter.

Brokerage Views

Brokerage firm Emkay Global Financial is bullish on RBL Bank and has recommended a ‘buy’ rating on the stock with a target price of Rs 275 in its research report dated July 23, 2023.

Stock Performance

RBL Bank stock has surged by 77.60 percent over the last six months. The benchmark Nifty Bank index has given a return of 7.23 percent over the same duration.

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