scorecardresearchRBL Bank shares surge nearly 4% as it posts strong Q3 advances

RBL Bank shares surge nearly 4% as it posts strong Q3 advances

Updated: 05 Jan 2023, 12:42 PM IST
TL;DR.
RBL Bank has recorded double-digit growth year-on-year in both advances and deposits for the quarter ending December 31, 2022.
In 2016, RBL Bank had partnered with BookMyShow for the launch of Fun Plus credit card. (Photo: Mint)

In 2016, RBL Bank had partnered with BookMyShow for the launch of Fun Plus credit card. (Photo: Mint)

Shares of Mumbai-based RBL Bank climbed 3.8 percent on Thursday, January 5, after the bank reported gross advances of Rs. 68,371 crore for Q3FY23, registering a growth of 14 percent from Rs. 59,967 crore in the same quarter a year ago.

Similarly, the gross advances climbed by 6 percent from Rs. 64,608 crore recorded in the September 2022 quarter, the bank stated in the official filing.

During Thursday’s trade, the stock opened at a price of Rs. 180.25 per share against the previous close of Rs. 179.75 per share and grew further during the early trading session to touch an intraday high of Rs. 186.75. It was trading at 184.10, up by 2.31 percent, at 12:05 p.m. on the NSE.

The stock touched a 52-week high of Rs. 187.90 on January 03, 2023 and a 52-week low of Rs. 74.15 on June 20, 2022, indicating that at the current level, the stock is trading nearly 148 percent above its 52-week low and just 2 percent below its 52-week high.

The stock has grown over 18 percent in the last one month. Moreover, it has given an enormous return of nearly 125 percent in the past six months. However, the stock has declined almost 66 percent in the last five years.

Article
Stock price chart of RBL Bank

RBL Bank has recorded double-digit growth year-on-year in both advances and deposits for the quarter ending December 31, 2022. Bank's retail loan book witnessed a rise of 12 percent YoY in the quarter under review, while wholesale book jumped 17 percent YoY, reported Mint.

The bank generated total deposits of 81,746 crore in Q3FY23, up 3 percent from the quarter that ended September 2022 and 11 percent year over year from Q3FY22's 73,639 crore.

The bank's retail LCR deposits were 34,733 crore in Q3FY23, up 25 percent year over year and 6 percent quarter over quarter. CASA increased by 18 percent YoY and 4 percent QoQ to a total of 29,948 crore in the third quarter of FY23.

The bank continues to focus on growing the share of granular retail deposits in the overall deposit mix, with retail deposits at approximately 42.5 percent as against 41.3 percent at the end of the last quarter and 37.9 percent as of December 31, 2021, the official statement reported.

Established in 1943, RBL Bank is a banking company with a market capitalization of 10,788.27 Crore. It is an India-based banking company that is primarily engaged in providing a range of banking and financial services. The company’s segments include corporate/wholesale banking, retail banking, treasury and other banking operations.

According to a Mintgenie poll, an average of 17 analysts have a ‘HOLD’ call on the stock.

Article
How to determine if the stock market prices are overvalued?
First Published: 05 Jan 2023, 12:42 PM IST