A director at RBL Bank Ltd sold 34,710 shares at 142.750INR and the significance rating of the trade was 70/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly s...
The independent financial analyst theScreener just awarded an improved star rating to RBL BANK (IN), active in the Money Center Banks industry. As regards its fundamental valuation, the title receives an improved star rating and now shows 3 out of 4 possible stars. With regard to its market behaviour, it remains unchanged and can be qualified as risky. theScreener considers that these elements allow slightly upgrading its rating to Neutral. As of the analysis date January 28, 2022, the closing p...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
RBL BANK: Elevated provisioning drives loss; watchful of near-term asset quality (RBK IN, Mkt Cap USD1.6b, CMP INR194, TP INR235, 21% Upside, Buy) Credit cost to stay elevated; PCR improves sharply to ~61% RBL Bank (RBK) reported a weak quarter, with net loss of INR4.6b, impacted by elevated provisions (INR14.3b) - as the bank upfronted the impact of the second COVID wave and shored up its PCR to ~61%. Business growth remains muted, impacted by a weak business environment. On the other h...
(RBK IN, Mkt Cap USD2.3b, CMP INR339, TP INR415, 22% Upside, Buy) Elevated credit cost to keep near-term earnings under pressure** RBK reported moderation in business growth, led by muted wholesale book; deposit growth stood flat sequentially. Slippages remained higher while elevated credit cost impacted earnings. Though operating performance remained strong (fees, NIMs and PPoP), elevated slippages' trajectory and higher credit cost is likely to impact earnings in the near term. ** We cut our...
RBL BANK: Asset quality deteriorates; spike in credit cost dents earnings (RBK IN, Mkt Cap USD1.7b, CMP INR287, TP INR350, 22% Upside, Buy) 2QFY20 PAT was down 73% YoY to INR543m led by increased provisions of INR5.3b (+150% QoQ); the bank had made provisions of INR3.5b toward identified stressed accounts. For 1HFY20, PPOP was up 42% YoY to INR12.5b while PAT declined 19% YoY to INR3.2b. GNPL/NNPL increased 95%/145% QoQ to INR15.4b/INR9.1b led by elevated slippages of INR13.8b. The bank ...
RBL BANK: Earnings momentum to take a breather; guided for elevated slippages during FY20E (RBK IN, Mkt Cap USD3.1b, CMP INR500, TP INR640, 28% Upside, Buy) RBK reported 1QFY20 PAT at INR2.7b (41% YoY growth, inline) though the guidance on asset quality will drive elevated credit cost and impact earnings trajectory over the coming quarters. GNPA increased 4.6% QoQ to INR7.9b (1.4% of loans) while NNPA stood flat at INR3.7b enabling 230bp QoQ improvement in PCR to 52.9% (69.1% including T...
RBL Bank: Business growth robust; margins continue improving (RBK IN, Mkt Cap USD4.1b, CMP INR676, TP INR800, 18% Upside, Buy) RBK's PAT increased 39% YoY (+10% QoQ) to INR2.5b in 4QFY19, in line with our estimate of INR2.4b. NII rose 48% YoY to INR7.4b, led by 35% YoY growth in advances and 11bp QoQ expansion in margins to 4.23%. Core fees grew 43%/12% YoY/QoQ to INR3.9b, driven by retail fees (~70% of total fees). Strong opex control drove 46% YoY growth in PPoP, while the C/I ratio wa...
RBL Bank: In-line performance; margins continue to improve (RBK IN, Mkt Cap USD3.4b, CMP INR564, TP INR650, 15% Upside, Buy) RBL's 3QFY19 PAT was in line, increasing 36%/10% YoY/QoQ to INR2.25b (MOSLe: INR2.3b). NII grew 40% YoY to INR6.5b led by 35% YoY advances growth and 4bp QoQ expansion in margins to 4.12%. During 9MFY19, PPoP grew by 46% YoY, while PAT grew 36% YoY. Core fees grew 50% YoY (100% YoY growth in card fees). Strong opex control enabled 50% YoY growth in PPoP while C/I r...
THE CORNER OFFICE (RBL BAnk) — ROA improvement on track Mr. Rajeev Ahuja, Executive Director Mr. Rajeev Ahuja, ED at RBL Bank, brings over 28 years of experience in the financial services industry. He is responsible for building the overall strategy of the Bank while managing the Retail Banking, Transaction Banking and Financial Inclusion businesses of the Bank. In the course of his tenure in the banking industry, he has held key positions in investment banking and financial markets in Indi...
Our outlook remains neutral - bordering on cautious - on the MSCI ACWI ex-U.S. index (local currency) on an absolute basis with horizontal support continuing to hold for now. Our concern stems from the recent pattern of lower highs and continued underperformance relative to MSCI ACWI - remain underweight... see chart below. • Bullish developments in Japan. We have been fairly downbeat recently on Japan given the TOPIX's descending triangle pattern and underperformance relative to the MSCI ACW...
RBL Bank: Credit cards & MFI - The twin earning boosters (RBK IN, Mkt Cap USD3.6b, CMP INR595, TP INR700, 18% Upside, Buy) RBL Bank has delivered 45% CAGR in net profit over FY15-18 led by robust balance sheet growth and stable asset quality, despite events like demonetization and rollout of GST. RoA has thus improved from 0.9% to 1.1% over a similar period, while RoE has improved to 11.6% for FY18. We estimate earnings to grow at 44% CAGR over FY18-21E and thus project RoA to improve to ~1...
YTD sideways congestion for the MSCI ACWI ex-US and an intact downtrend for the MSCI EM index continue to point to a risk-off environment for international equity markets, and supports our neutral outlook (at best)... see page 2. We continue to recommend avoiding broad indexed exposure in favor of selectivity. In today's report we highlight actionable country- and Sector-specific themes: • Norway and India are leadership. Norway's Oslo OBX and India's SENSEX remain global leaders. Overweight ...
RBL Bank: In-line performance, earnings momentum on track (RBL IN, Mkt Cap USD3.4b, CMP INR556, TP INR650, 17% Upside, Buy) RBL's 1QFY19 PAT grew 7%/35% QoQ/YoY to INR1.9b (in-line). NII grew 46% YoY to INR5.5b, helped by 36% advances growth and 6bp QoQ NIM expansion to 4.04%. Total income grew 27% YoY, led by fee income growth of 59% YoY (driven by 145% growth in distribution/CC fees). Opex growth trailed income growth sequentially (CI ratio of 50.8% v/s 52.8% in 4Q), leading to PPoP g...
RBL BANK: Strong operating performance; asset quality improves sequentially (RBL IN, Mkt Cap USD3.5b, CMP INR540, TP INR650, 20% Upside, Buy) RBL's 4QFY18 PAT rose 8%/37% QoQ/YoY to INR1.78b (in-line). NII grew 42% YoY to INR5b, led by 37% YoY advances growth and 48bp YoY NIM expansion to 3.98%. Opex growth trailed income growth sequentially (CI ratio of 52.8% v/s 54% in 3Q), leading to PPoP growth of 15%/36% QoQ/YoY. Key positives were: a) loan growth of 9% QoQ and 37% YoY, b) fee income...
​RBL Bank: Strong growth with improving profitability and healthy asset quality(RBL IN, Mkt Cap USD2.1b, CMP INR524, TP INR665, 27% Upside, Buy)RBL's 2QFY18 PAT increased 68% YoY (7% below estimate), mainly due to opex missing estimates by 5% (higher expansion costs), despite total income (INR6.6b, +4%/+40% QoQ/YoY) being largely in line with estimates. Key positives are: a) Loan growth of 8% QoQ and 35% YoY. b) Fee income growth of 38% YoY, driven by a 150% increase in distribution/CC fees. c...
​RBL Bank: Strong growth continues; Capital consumption faster than expected(RBL IN, Mkt Cap USD3.4b, CMP INR585, Under Review)4QFY17 PAT rose 55% YoY (10% miss). Despite PPoP beat of 8% (+75%/20% YoY/QoQ), the spike in provisioning led to PAT exceeding estimate. Key positives: a) Loan growth of 10% QoQ and 39% YoY. b) Fee income growth of 45% YoY and 33% QoQ. c) NIM improvement of 10bp QoQ to 3.5%.Absolute GNPAs rose 24% QoQ (+72% YoY) to 1.2% of loans. Led by the RBI's directive, five accoun...
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