InCred Equities - RBL Bank

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Net Interest Income (Rsm)	64,630	63,143	76,165	88,820
Total Non-Interest Income (Rsm)	38,062	42,210	45,699	52,418
Operating Revenue (Rsm)	102,692	105,353	121,864	141,238
Total Provision Charges (Rsm)	(29,587)	(19,201)	(19,844)	(21,335)
Net Profit (Rsm)	6,954	9,678	15,388	20,498
Core EPS (Rs)	1.14	1.59	2.53	3.37
Core EPS Growth	(41%)	39%	59%	33%
FD Core P/E (x)	238.30	171.53	107.89	80.99
DPS (Rs)	1.17	1.62	2.57	3.43
Dividend Yield	0.43%	0.59%	0.94%	1.26%
BVPS (Rs)	25.7	27.1	29.4	32.4
P/BV (x)	10.62	10.06	9.28	8.42
ROE	4.6%	6.0%	9.0%	10.9%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Net Interest Income	64,630	63,143	76,165	88,820
Total Non-Interest Income	38,062	42,210	45,699	52,418
Operating Revenue	102,692	105,353	121,864	141,238
Total Non-Interest Expenses	(66,424)	(73,560)	(82,000)	(93,235)
Pre-provision Operating Profit	36,268	31,793	39,864	48,003
Total Provision Charges	(29,587)	(19,201)	(19,844)	(21,335)
Operating Profit After Provisions	6,681	12,592	20,019	26,668
Pretax Income/(Loss) from Assoc.
Operating EBIT (incl Associates)	6,681	12,592	20,019	26,668
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	6,681	12,592	20,019	26,668
Exceptional Items
Pre-tax Profit	6,681	12,592	20,019	26,668
Taxation	272	(2,913)	(4,632)	(6,170)
Consolidation Adjustments & Others
Exceptional Income - post-tax
Profit After Tax	6,954	9,678	15,388	20,498
Minority Interests
Pref. & Special Div
FX And Other Adj.
Net Profit	6,954	9,678	15,388	20,498

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Gross Loans/Cust Deposits
Avg Loans/Avg Deposits	82.4%	83.5%	84.1%	85.1%
Avg Liquid Assets/Avg Assets	93.0%	93.7%	93.9%	94.2%
Avg Liquid Assets/Avg IEAs	111.3%	114.0%	117.8%	117.9%
Net Cust Loans/Assets
Net Cust Loans/Broad Deposits
Equity & Provns/Gross Cust Loans
Asset Risk Weighting
Provision Charge/Avg Cust Loans	3.35%	1.93%	1.71%	1.57%
Provision Charge/Avg Assets	2.08%	1.23%	1.11%	1.04%
Total Write Offs/Average Assets

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Gross Loans	926,183	1,065,110	1,251,504	1,470,518
Liquid Assets & Invst. (Current)	321,648	259,787	269,212	279,276
Other Int. Earning Assets
Total Gross Int. Earning Assets	1,247,830	1,324,897	1,520,717	1,749,793
Total Provisions/Loan Loss Reserve
Total Net Interest Earning Assets	1,247,830	1,324,897	1,520,717	1,749,793
Intangible Assets
Other Non-Interest Earning Assets	88,238	97,062	106,768	117,445
Total Non-Interest Earning Assets	93,829	102,932	112,932	123,917
Cash And Marketable Securities	125,596	234,958	271,058	312,786
Long-term Investments
Total Assets	1,467,255	1,662,787	1,904,707	2,186,496
Customer Interest-Bearing Liabilities	1,109,435	1,275,851	1,479,987	1,716,785
Bank Deposits
Interest Bearing Liabilities: Others
Total Interest-Bearing Liabilities	1,246,774	1,426,923	1,646,166	1,899,582
Banks Liabilities Under Acceptances
Total Non-Interest Bearing Liabilities	64,413	70,855	79,711	89,675
Total Liabilities	1,311,187	1,497,777	1,725,878	1,989,257
Shareholders Equity	156,068	165,009	178,829	197,238
Minority Interests
Total Equity	156,068	165,009	178,829	197,238

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Income Growth	7.0%	(2.3%)	20.6%	16.6%
Operating Profit Growth	19.7%	(12.3%)	25.4%	20.4%
Pretax Profit Growth	(47%)	88%	59%	33%
Net Interest To Total Income	62.9%	59.9%	62.5%	62.9%
Cost Of Funds	6.27%	6.10%	5.98%	5.93%
Return On Interest Earning Assets	11.8%	11.2%	11.8%	11.9%
Net Interest Spread	5.51%	5.15%	5.83%	5.93%
Net Interest Margin (Avg Deposits)	6.03%	5.29%	5.53%	5.56%
Net Interest Margin (Avg RWA)
Provisions to Pre Prov. Operating Profit	82%	60%	50%	44%
Interest Return On Average Assets	4.53%	4.03%	4.27%	4.34%
Effective Tax Rate		23.1%	23.1%	23.1%
Net Dividend Payout Ratio	10.2%	10.2%	10.2%	10.2%
Return On Average Assets	0.49%	0.62%	0.86%	1.00%

(91) 22 4161 1551 bhavik.shah@incredresearch.com

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Market Data

Source: Bloomberg