Subdued on-quarter growth limits gains for RBL Bank

RBL bank’s total deposits rose 8 percent on year to Rs 85,638 crore during the quarter ended June but was up merely a percent sequentially

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Shares of RBL Bank gained over 2 percent on July 5 after the lender reported a decent growth in deposits and advances on a yearly basis. However, gains in the stock were limited as sequential growth remained subdued.

Total deposits rose 8 percent year-on-year to Rs 85,638 crore during the quarter ended June but was up merely a percent, sequentially. Meanwhile, gross advances came in at Rs 74,792 crore in Q1FY24, up 20 percent YoY and 4 percent QoQ, according to a provisional business update by the lender.

At 9:19 am, shares of the lender were trading 1 percent higher at Rs 184.25 on the BSE. In a year, the scrip has shot up over 100 percent.

Recently, ICICI Securities met RBL Bank’s managing director and chief executive officer Subramania Kumar, and executive director Rajeev Ahuja, for light on the bank’s newly unveiled FY23-FY26 strategy.

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The bank reiterated its guidance of over 20 percent compounded annual growth loan during FY23- FY26, led by retail. While retaining focus on card, microfinance and commercial banking, RBL Bank intends to aggressively grow its newly-launched retail products such as housing, wheels, gold, and small business loans, predominantly in tier-2 and tier-3 locations.

The domestic brokerage firm highlighted that these are secured businesses, with higher yields and consume relatively less capital. There is large unmet demand for these products in the market and the bank intends to leverage the same for aggressive growth.

“We believe RBL’s strategy to grow exponentially in secured retail products (housing, wheels, SBL, gold) is reasonably scalable, NIM-accretive and less risky though it is more cost-intensive,” said ICICI Securities.

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