Company Update : RBL Bank by Motilal Oswal Financial Services Ltd
Healthy loan growth; shedding wholesale deposits; CASA ratio declines to 29.2%
* RBK reported steady growth of 21% YoY/2% QoQ in gross advances to INR1.17t, in line with our estimated growth of 23% YoY/1.6% QoQ. Wholesale advances grew by 37% YoY/10% QoQ.
* In wholesale, commercial banking advances grew 34% YoY/10% QoQ. In retail, secured retail advances grew 18% YoY. The mix of retail:wholesale advances was 55:45 compared to 59:41 in 4QFY26.
* Deposits growth was sluggish at 11% YoY (down 10% QoQ) to INR1.25t (below our estimate of +21.9% YoY growth/1.2% QoQ decline). RBK chose not to renew certain wholesale deposits in 1QFY27, given excess liquidity after the completion of Emirates NBD P.J.S.C. transaction on 18th Jun’26.
* CASA deposits were flat YoY/declined 22% QoQ. As a result, CASA ratio declined to 29.2% (vs. 33.6% in 4QFY26). That said, deposits
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