HDFC Securities: RBL Bank Q2 Review Some Positives, But Key Concerns Remain
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HDFC Securities Report
A strong rebound in fee income and lower-than-expected operating costs resulted in a significant earnings beat of RBL Bank Ltd.
The bank saw improving deposit (particularly retail) traction, which is creditable. The imminent capital raise is an additional positive.
We continue to expect a sharp rise in gross non-performing assets in FY21E. Credit costs will remain elevated in the near term, denting return ratios.
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