RBL Bank: Updating numbers; stay EW

Research evidence excerpt

RBL Bank: Updating numbers; stay EW

UpdateM

Financial Summary

Exhibit 1: RBL Bank - Financial Summary

Profit and Loss Statement Per Share Data and Valuations

Rs Bn (Year end-March) F2026 F2027E F2028E F2029E Year end-March F2026 F2027E F2028E F2029E

Interest Income 143356 175254 209257 263143 Per Share Data (Rs)

Interest Expense 79760 89251 101791 134729 EPS 13.39 14.50 20.44 27.01

Net Interest Income 63595 86004 107466 128414 Book Value 268.7 289.2 307.2 330.6

---Fee Income 33330 40663 50828 63535 Core PPOP 41.0 42.3 42.2 54.9

---Forex Income 4020 4744 5597 6605 DPS 1.0 1.0 1.5 2.0

---Capital Gains 3864 750 0 0

---Miscellaneous Inc. 0 0 0 0 Valuations

Total Non Interest Income 41214 46156 56426 70140 PE 27.1 25.0 17.7 13.4

Total Operating Income 104809 132160 163892 198554 Price to Book 1.3 1.3 1.2 1.1

---Employee Exp 19441 22024 25328 29127 P/Core PPOP 8.9 8.6 8.6 6.6

---Other Expenses 52377 58861 67691 77844 Dividend Yield 0.3% 0.3% 0.4% 0.6%

Total Operating Expenses 71818 80886 93019 106971

Operating Profit 32992 51274 70873 91582 Ratio Analysis

Total provisions 22596 25079 28891 36114 Year end-March F2026 F2027E F2028E F2029E

Profit Before Tax 10395 26195 41982 55468 Margins

Provision for Tax 2171 6444 10328 13645 Net Interest Margin (NIM) 4.51% 4.88% 5.25% 4.96%

Net Profit 8224 19751 31654 41823 Average yield on assets 9.7% 9.5% 9.6% 9.5%

Cost of earning assets 5.4% 4.8% 4.7% 4.9%

Balance Sheet Data

Rs Bn (YE March) F2026 F2027E F2028E F2029E Growth Ratios

Shareholders' equity 166050 447868 475683 512018 Net Interest Income -2% 35% 25% 19%

Deposits 1390180 1543100 2006030 2607839 Non Interest Income 8% 12% 22% 24%

Borrowings 167940 112520 146276 182845 Operating expenses 8% 13% 15% 15%

Other Liabilities & Prov.