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Motilal Oswal Report
RBL Bank Ltd. reported a modest Q1 FY21, led by strong net interest income growth. However, elevated provisions and lower fee income impacted earnings.
On the business front, deposit growth picked up sharply, led by current account and savings account while loan growth declined sequentially.
Asset quality improved, led by negligible slippages during the quarter due to standstill benefits, which enabled improvement in the coverage ratio.
Further, moratorium book declined to 13.7% of loans (v/s 33% earlier), however, moratorium remained high in credit cards (21%-22% in terms).
The bank holds Covid-19 related provisions of Rs 3.5 billion (0.6% of loans) with higher allocation for credit cards.
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