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RBL Bank: Views from leading research houses on Q4FY21 results

Posted On: 2021-05-05 04:52:31 (Time Zone: UTC)


Citi gives a 'BUY' call with a TP of Rs. 250 as 4QFY21 indicates accelerated provisions, Deposits & fees strong

"Traction in deposits remains healthy and broad based (+9% QoQ) while loan growth improved sequentially to +4% QoQ vs +1% QoQ in 3Q21, led by secured retail and MFI. NIM was stable QoQ at 4.17% as 29bps QoQ decline in cost of funds was largely offset by interest reversals on higher slippages. We expect PPOP to gradually improve led by fees, improvement in NIM and loan growth."

Spark Capital retain a 'BUY' call with a TP of Rs. 316; making it one of their top picks in the mid-sized banks space.

"1) With the bank embarking on building a granular liability profile with low reliance on bulk deposits, lower concentration led by recalibration of wholesale, reduction in proportion of unsecured (non-cards & MFI), higher PCR & CET1 threshold, a stronger balance sheet is likely to emerge over the ensuing 3-years, (2) Seeding of new portfolios like affordable housing, tractor financing, gold loans & 2W to add stability & provide opportunities to cross-sell, (3) learnings from the pandemic set to enhance analytical/predictive capabilities and take the bank to 1.5% RoA by FY23E."

Kotak maintains a 'BUY' call with Fair Value of Rs. 240

"The bank has a strong CAR to withstand the crisis, which is a positive. The stock is inexpensive at current valuations, driving our positive view though we acknowledge that the drivers for re-rating the stock are currently absent. The key challenge has been that the credit costs have consistently increased in recent years for various factors. The book that is currently undergoing stress, unlike corporate loans, is priced for these scenarios but forecasting stress and credit costs has not been easy."

Shares of RBL Bank Ltd was last trading in BSE at Rs.181.75 as compared to the previous close of Rs. 181.1. The total number of shares traded during the day was 1109261 in over 7413 trades.

The stock hit an intraday high of Rs. 188.45 and intraday low of 180. The net turnover during the day was Rs. 204366291.


Source: Equity Bulls

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