RBL Bank Limited (RBLBANK)
₹375.80 -0.65% on 19 Oct, as of 12:25 IST · NSE
Q2 FY27 results
RBL Bank Limited reported Q2 FY27 results on 12 Oct 2026: net interest income ₹2,131 Cr (+37.4% year on year, +28.8% on the previous quarter), and net profit ₹498 Cr (+158.9% year on year).
| Q2 FY27 (₹ Cr) | Value | YoY vs Q2 FY26 | QoQ |
|---|---|---|---|
| Net interest income | ₹2,131 | +37.4% | +28.8% |
| Operating profit | ₹1,417 | +90.2% | +55.8% |
| Net profit | ₹498 | +158.9% | +112.8% |
| EPS (₹) | 3.22 | +2.2% | +3.2% |
| Gross NPA | 1.02% | — | — |
- Profit +33% above its own trend
- Provisions up 53% YoY
- Gross NPA down 130 bps YoY
Against its own trend: net profit of ₹498 Cr was +32.8% against the ₹375 Cr its recent growth pointed to (above trend). This is a statistical baseline, not an analyst estimate.
Share price since the results: -9.4% (close before the filing to the latest close).
RBLBANK delivery percentage and open interest
NSE end-of-day data for
On Fri, 16 Oct 2026, 48.7% of the RBLBANK shares traded on NSE were taken to delivery, against the stock's own 20-session average of 42.37%. That is close to its usual level. In RBLBANK futures, open interest rose 1.72% while the futures price rose 0.23%: long buildup (new long positions).
Delivery in the last 5 sessions: 29.6% · 35.8% · 37.3% · 53.3% · 48.7%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
RBL Bank has received regulatory approval from the Reserve Bank of India (RBI) sanctioning the amalgamation of the Indian branches of Emirates NBD Bank P.J.S.C. with RBL Bank. The amalgamation is sanctioned under Section 44A(4) of the Banking Regulation Act, 1949, with an effective date set for December 1, 2026. From this date, all Indian branches of Emirates NBD will officially operate as branches of RBL Bank. This clears a major regulatory hurdle in Emirates NBD's strategic integration and partnership with RBL Bank.
- RBI sanction received on October 16, 2026, approving the amalgamation under Section 44A(4) of the Banking Regulation Act, 1949
- Amalgamation effective date fixed for December 01, 2026
- All Indian branches of Emirates NBD Bank P.J.S.C. to function as RBL Bank branches from December 01, 2026
- Follows initial communication regarding the transaction dated November 12, 2025
RBL Bank announced key changes in its senior leadership following a board meeting on October 12, 2026. Ashwini Kumar Choudhary has been appointed as Chief Risk Officer (CRO) effective November 1, 2026, succeeding Deepak Kumar, whose fixed-term contract ends on October 31, 2026. Choudhary brings over 27 years of banking experience, having previously served as Group CRO at Union Bank of India. Additionally, Prakash Gupta was re-appointed as Chief Compliance Officer (CCO) for a term of 1 year and 8 months effective November 1, 2026.
- Deepak Kumar completes his term as CRO effective close of business hours on October 31, 2026
- Ashwini Kumar Choudhary appointed as CRO effective November 1, 2026, bringing over 27 years of experience
- Prakash Gupta re-appointed as Chief Compliance Officer for a period of 1 year and 8 months starting November 1, 2026
- Board meeting held on October 12, 2026, commenced at 2:04 p.m. and concluded at 6:03 p.m.
RBL Bank announced key changes in its senior leadership following a board meeting on October 12, 2026. Ashwini Kumar Choudhary has been appointed as Chief Risk Officer (CRO) effective November 1, 2026, succeeding Deepak Kumar, whose fixed-term contract ends on October 31, 2026. Choudhary brings over 27 years of banking experience, having previously served as Group CRO at Union Bank of India. Additionally, Prakash Gupta was re-appointed as Chief Compliance Officer (CCO) for a term of 1 year and 8 months effective November 1, 2026.
- Deepak Kumar completes his term as CRO effective close of business hours on October 31, 2026
- Ashwini Kumar Choudhary appointed as CRO effective November 1, 2026, bringing over 27 years of experience
- Prakash Gupta re-appointed as Chief Compliance Officer for a period of 1 year and 8 months starting November 1, 2026
- Board meeting held on October 12, 2026, commenced at 2:04 p.m. and concluded at 6:03 p.m.
RBL Bank reported strong operating metrics for Q2 FY27, with net profit surging 170% YoY to ₹4,818 million (₹481.8 crore) and operating profit rising 92% YoY to ₹1,396.1 crore. Net advances grew 42% YoY to ₹1,42,314 crore, driven by a 56% growth in wholesale loans and 32% in retail advances. Asset quality improved substantially, with GNPA contracting 131 bps YoY to 1.02% and NNPA standing at 0.29%. Capital adequacy (CRAR) remained robust at 30.1% (CET-1 at 29.0%), reflecting integration and infusion from parent Emirates NBD.
- Net profit grew 170% YoY to ₹4,818 mn (₹481.8 cr) with NII up 37% YoY to ₹2,131 cr
- Net advances grew 42% YoY to ₹1,42,314 cr, supported by a 56% YoY jump in wholesale book
- GNPA dropped 131 bps YoY to 1.02% and NNPA reached 0.29% with PCR at 71.47%
- Capital Adequacy Ratio (CRAR) stood strong at 30.1% (CET-1 at 29.0%)
- Average CASA ratio reported at 24.04% as deposits rose 34% YoY
RBL Bank reported a strong performance for Q2 FY27, with net profit surging 170% YoY to ₹482 crore (up 90% QoQ). Net Interest Income (NII) expanded 37% YoY to ₹2,131 crore, supported by a healthy Net Interest Margin (NIM) of 4.61%. Asset quality improved substantially, with Gross NPA dropping 130 bps YoY to 1.02% and Net NPA falling to 0.29%. Net advances grew 42% YoY to ₹1,42,314 crore, driven by 52% growth in secured retail advances.
- Net Profit surged 170% YoY to ₹482 crore compared to ₹179 crore in Q2 FY26
- Net Interest Income rose 37% YoY to ₹2,131 crore with NIM improving to 4.61%
- Operating profit increased 92% YoY to ₹1,396 crore as cost-to-income improved to 56.48%
- Gross NPA declined to 1.02% (from 2.32% YoY) and Net NPA stood at 0.29%
- Net Advances grew 42% YoY to ₹1,42,314 crore while Total Deposits grew 34% YoY to ₹1,56,272 crore
RBL Bank reported a strong performance for Q2 ended September 30, 2026, with standalone Net Profit rising 169.9% YoY to ₹481.77 crore compared to ₹178.52 crore in Q2 FY26. Total income grew 21.6% YoY to ₹5,399.45 crore, supported by an operating profit increase of 91.7% to ₹1,396.13 crore. Asset quality showed marked improvement, with Gross NPA dropping to 1.02% (from 2.32% YoY) and Net NPA improving to 0.29% (from 0.57% YoY). Capital adequacy stands robust at 30.10%, bolstered by its parent Emirates NBD recapitalization.
- Standalone Net Profit increased 169.9% YoY to ₹48,177 lakh (₹481.77 crore) from ₹17,852 lakh in Q2 FY26
- Total income rose 21.6% YoY to ₹539,945 lakh (₹5,399.45 crore)
- Operating profit before provisions surged 91.7% YoY to ₹139,613 lakh
- Gross NPA declined sharply to 1.02% from 2.32% YoY; Net NPA fell to 0.29% from 0.57% YoY
- Capital Adequacy Ratio under Basel III remains strong at 30.10% versus 14.71% in Q2 FY26
RBL Bank Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate, issued by Registrar and Share Transfer Agent MUFG Intime India Pvt. Ltd on October 3, 2026, confirms that securities received for dematerialisation were confirmed to depositories and listed on stock exchanges within prescribed timelines. The certificates were subsequently mutilated and cancelled in accordance with regulations.
- Compliance certificate submitted under Regulation 74(5) of SEBI Regulations, 2018
- Covers the quarter ended September 30, 2026
- Issued by RTA MUFG Intime India Private Limited on October 3, 2026
- Confirms mutilation, cancellation, and exchange listing of dematerialised securities within prescribed timelines
RBL Bank reported provisional business updates for the quarter ended September 30, 2026, showing gross advances expanding 40% YoY (22% QoQ) to Rs 1,433.5 billion. Total deposits increased 34% YoY and 25% QoQ to Rs 1,562.8 billion, supported by healthy liquidity with the LCR rising to 148%. However, the CASA ratio declined to 27.2% from 31.9% in the year-ago period despite CASA balances growing 14% YoY to Rs 425.3 billion. Excluding loans from its international banking unit against FCNR(B) deposits, advances growth stood at 30% YoY and 13% QoQ.
- Gross advances grew 40% YoY and 22% QoQ to Rs 1,433.5 billion as of September 30, 2026
- Total deposits increased 34% YoY and 25% QoQ to reach Rs 1,562.8 billion
- CASA ratio moderated to 27.2% compared to 31.9% in Sep-25 and 29.2% in Jun-26
- Wholesale advances grew 55% YoY (21% QoQ), shifting the Retail:Wholesale mix to 56:44
- Average Liquidity Coverage Ratio (LCR) improved to 148% from 127% YoY
RBL Bank has received a show cause notice (SCN) dated September 29, 2026, proposing a GST demand of Rs 173.09 crore (including interest and penalty) for FY 2022-23. The dispute relates to input tax credit (ITC) availed under a separate GST registration for the bank's Digital Banking business vertical. The demand represents approximately 19.3% of RBL Bank's TTM net profit of Rs 899 crore. The bank plans to contest the notice on merits, citing prior favorable orders from GST authorities on the identical issue for FY 2018-19 and FY 2019-20.
- Received SCN from Assistant Commissioner of State Tax- Mumbai proposing demand of Rs. 1,73,08,68,535/- (including interest and penalty).
- Notice issued under Section 73 of the Maharashtra Goods and Services Tax Act, 2017 for financial year 2022-23.
- Matter pertains to Input Tax Credit (ITC) availed for the Digital Banking vertical under separate GST registration.
- Bank previously secured favorable orders from GST authorities on identical issues for FY 2018-19 and FY 2019-20.
The United Forum of Bank Unions (UFBU), comprising seven unions, has announced a proposed nationwide bank strike across three days from September 28 to September 30, 2026. RBL Bank's internal unions affiliated with AIBEA and AIBOA may participate, though the issues are industry-wide and not specific to RBL Bank. Participating staff are mostly concentrated in select districts of Western Maharashtra and Northern Karnataka, meaning disruption is expected to be localized rather than bank-wide across its 564 branches. The bank is taking steps to ensure smooth functioning, although some branches might face temporary operational impacts if the strike proceeds.
- Nationwide bank strike proposed for 3 days: 28th, 29th, and 30th September 2026
- Strike called by UFBU consisting of 7 unions (AIBEA, AIBOC, NCBE, AIBOA, BEFI, INBEF, INBOC)
- RBL Bank's affiliated unions (AIBEA and AIBOA affiliates) may participate
- Impact primarily concentrated in a few districts of Western Maharashtra and Northern Karnataka
RBL Bank Limited informed the stock exchanges of three one-on-one analyst and investor meetings held on September 18, 2026, via video conferencing. The interactions took place with Schonfeld Strategic Advisors, Optimas Capital, and Ashika Stock Services Limited. The bank confirmed that no unpublished price sensitive information (UPSI) was shared during these sessions. This is a routine regulatory intimation under SEBI Listing Regulations.
- 3 one-on-one meetings conducted on September 18, 2026
- Participating entities included 2 institutional investors and 1 analyst firm
- Interactions held via video conferencing based out of Mumbai
- Bank explicitly affirmed no UPSI was disclosed during the interactions
RBL Bank informed exchanges that it held a one-on-one investor meeting with Balyasny Asset Management on September 17, 2026. The meeting was conducted via video conferencing from Mumbai. The bank confirmed that no unpublished price sensitive information (UPSI) was shared during the interaction. This is a standard post-facto regulatory intimation under SEBI Listing Regulations.
- Meeting conducted on September 17, 2026
- One-on-one format held via Video Conferencing with Balyasny Asset Management
- No unpublished price sensitive information (UPSI) shared as per disclosure
- Intimation filed on September 18, 2026 under Regulation 30(6) of SEBI LODR
RBL Bank disclosed that it conducted a physical, one-on-one investor meeting with Fidelity Management on September 16, 2026, in Mumbai. The interaction was conducted in accordance with Regulation 30(6) of SEBI LODR Regulations. The bank confirmed that no unpublished price sensitive information (UPSI) was shared during the meeting. With a market capitalization of ₹26,062 Cr and TTM revenue of ₹18,713 Cr, this represents a routine institutional engagement.
- Meeting conducted on September 16, 2026, in Mumbai
- Interaction was one-on-one physical meeting with Fidelity Management
- No unpublished price sensitive information (UPSI) was shared
- Filing made under Regulation 30(6) and Regulation 46(2) of SEBI LODR
RBL Bank has uploaded the pricing supplement for issuing U.S.$350,000,000 in 5.791% Senior Unsecured Notes due 2031 on India INX and NSE IFSC. This issuance is part of the bank's U.S.$1,000,000,000 (USD 1 billion) Euro Medium Term Note (EMTN) programme established on September 7, 2026. The notes represent long-term foreign currency debt financing with a 5-year tenure maturing in 2031. At current exchange rates, the $350M issue represents roughly ~₹2,900-3,000 Cr, diversifying the bank's liability base.
- Priced U.S.$350,000,000 Senior Unsecured Notes maturing in 2031
- Coupon fixed at 5.791 per cent per annum
- Issued under the bank's U.S.$1,000,000,000 EMTN Programme established on September 7, 2026
- Notes are listed on India International Exchange (IFSC) Limited and NSE IFSC Limited
RBL Bank has approved the allotment of US$350,000,000 (US$350 million) 5.791% Senior Unsecured Notes due September 16, 2031. The issuance represents a drawdown from its US$1,000,000,000 Euro Medium Term Note (EMTN) Programme. Rated Baa2 by Moody's and BBB+ by CareEdge Global, the notes will be listed on India INX and NSE IFSC. The proceeds will fund business development and expansion at the bank's GIFT City International Banking Unit and general corporate purposes.
- Allotment of US$350,000,000 5.791% Senior Unsecured Notes due September 16, 2031
- Issued under the broader US$1,000,000,000 EMTN Programme
- Tenure of 5 years with bullet principal repayment on maturity at September 16, 2031
- Instruments rated Baa2 (Stable) by Moody's and BBB+ (Stable) by CareEdge Global
- Semi-annual coupon payments starting March 16, 2027, through September 16, 2031
Financial Performance
Revenue Growth by Segment
Retail advances (60% of book) grew 10% YoY to INR 60,131 Cr, with secured retail growing 30% YoY. Wholesale advances (40% of book) grew 14% YoY to INR 40,398 Cr. Core Fee Income grew 17% QoQ to INR 926 Cr in Q2 FY26.
Geographic Revenue Split
75% of the 564-branch network is concentrated in metro cities, with historical operations primarily in Maharashtra and Karnataka.
Profitability Margins
Net Interest Margin (NIM) was 4.51% in Q2 FY26. Return on Total Assets (ROTA) was 0.50% in H1 FY26, down from 0.92% in FY24 due to moderated unsecured growth.
EBITDA Margin
Operating Profit for Q2 FY26 grew 4% QoQ to INR 728 Cr. Net Profit for Q2 FY26 was INR 179 Cr.
Capital Expenditure
Planned capital infusion of approximately INR 29,253 Cr (US$ 3 billion) from Emirates NBD to increase net worth from INR 15,356 Cr to over INR 44,000 Cr.
Credit Rating & Borrowing
CareEdge Ratings: Stable. Capital Adequacy Ratio (CAR) stood at 15.02% as of Sept 30, 2025. Cost of deposits is approximately 1% (100 bps) higher than large private sector peers.
Operational Drivers
Raw Materials
Not applicable for banking sector; primary input is cost of deposits (Total business of INR 2,17,196 Cr).
Import Sources
Not applicable for banking; strategic capital infusion of US$ 3 billion sourced from UAE (Emirates NBD).
Key Suppliers
Not applicable for banking; capital provided by Emirates NBD (60% owner post-deal).
Capacity Expansion
Current network includes 564 branches and 1,347 business correspondent branches. Planned expansion includes scaling existing MSME/BBG segments and adding NR/cross-border trade segments.
Raw Material Costs
Cost of funds gap of ~1% vs large peers; expected to narrow following rating upgrades and capital infusion.
Manufacturing Efficiency
Branch-led origination now accounts for 60% of leads; 100% of organic gold business originates through branches to keep acquisition costs low.
Logistics & Distribution
Branch-led distribution model used to scale retail assets and granular liabilities.
Strategic Growth
Expected Growth Rate
30%
Growth Strategy
Achieving 30%+ growth through a US$ 3 billion capital infusion from Emirates NBD, enabling expansion into NR business, cross-border payments, and India-Middle East trade finance. The bank will scale its MSME (BBG) segment, which recently doubled, and its secured retail book (growing at 30% YoY) while leveraging 564 branches for 60% of lead generation.
Products & Services
Credit cards, personal loans, housing loans, loans against property (LAP), rural vehicle finance, MSME working capital, tractor finance, and microfinance (JLG).
Brand Portfolio
RBL Bank, RBL FinServe Limited.
New Products/Services
NR business, cross-border payments, and trade finance corridor between India and Middle East; expected to diversify income streams significantly post-ENBD deal.
Market Expansion
Expansion into Middle East-India trade corridor; leveraging 564 existing branches with 75% in metro cities.
Market Share & Ranking
Mid-sized private sector bank; total business book of INR 2,17,196 Cr.
Strategic Alliances
Emirates NBD (60% stake acquisition and merger of Indian branches).
External Factors
Industry Trends
The industry is shifting towards secured retail lending; RBL is positioning itself by growing secured retail at 30% YoY while de-growing unsecured retail by 9% YoY to manage asset quality.
Competitive Landscape
Large private sector banks (cost of deposits gap of ~1%); other mid-sized private banks.
Competitive Moat
Strong retail franchise with 60% branch-led lead generation; strategic backing from Emirates NBD providing a unique India-Middle East trade moat.
Macro Economic Sensitivity
Sensitivity to repo rate cuts; NIM expansion expected as liability rate cuts flow through savings accounts.
Consumer Behavior
Increased demand for MSME working capital and secured retail products (housing, tractor finance) over unsecured MFI/JLG loans.
Geopolitical Risks
Trade corridor between India and Middle East provides growth opportunities but exposes the bank to regional economic shifts.
Regulatory & Governance
Industry Regulations
RBI capital adequacy norms (14% internal threshold); Basel III hybrid capital instrument standards.
Environmental Compliance
Targeting Carbon Neutrality by FY 2034; coal financing to be reduced to zero by FY 2034.
Risk Analysis
Key Uncertainties
Stress in MFI/JLG book (6.21% of advances); asset quality in unsecured retail; regulatory/shareholder approvals for the ENBD transaction.
Geographic Concentration Risk
75% of branches in metro cities; historical concentration in Maharashtra and Karnataka.
Third Party Dependencies
Reliance on RBL FinServe (wholly owned subsidiary) for microfinance sourcing through 1,347 BC branches.
Technology Obsolescence Risk
Mitigated by planned 'meaningful investment' in technology and digital innovation via ENBD partnership.
Credit & Counterparty Risk
Gross NPA at 2.32%; Net NPA at 0.29% (FY25); Net Slippages of INR 6 Cr in Q2 FY26.
