RBL stocks gain 2% as ICICI-Pru AMC and ICICI-Pru Life get RBI nod to acquire stake

As of September 2023, ICICI Prudential Life Insurance held 3.02 percent equity in RBL Bank.

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Shares of RBL Bank gained nearly 2 percent a day after ICICI Prudential AMC & ICICI Prudential Life get RBI approval to acquire up to acquire stake in RBL Bank. At 9:20 am, the stock was trading at Rs 274. Over the last one year, stocks of RBL Bank have gained over 50 percent.

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In a December 28 filing post market close, RBL Bank said that the Reserve Bank of India has given its approval to ICICI Prudential Asset Management Company and ICICI Prudential Life Insurance Company, to acquire up to 9.95 percent paid-up share capital or voting rights in RBL Bank, within a period of one year. As of December 22, ICICI group (including ICICI Prudential Life Insurance and ICICI Prudential Asset Management Company) held 2.08 percent equity in RBL Bank.

Also read: RBI permits ICICI Pru Mutual Fund to acquire 9.95% stake in Federal Bank, RBL Bank

In Q2FY24, RBL Bank reported around 46 percent year-on-year rise in net profits to Rs 2.94 crore. The net interest income (NII) grew 26 percent YoY to Rs 1,474.98 crore from Rs 1,064 crore in the previous fiscal. Net Interest Margin (NIM) for the same period grew to 5.54 percent from 5.02 percent in the September 2022. CASA (Current Account Savings Account) balance for the reporting period grew 12% YoY growth in Current Account Savings Account (CASA) balances to Rs 32,089 crore.

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