GOLDMAN SACHS ON RBL BANK ; SELL | TP ₹310 | EARLIER TP ₹285

• Retail loan growth remains largely muted. • Earnings estimates raised to factor in strong FCNR flows. • Adjusted for FCNR-B deposits, deposit growth declined 1% QoQ. • NIMs expanded 48 bps QoQ, largely driven by the equity capital raise. • Asset quality trends remained mixed. • Pace of credit cost improvement was slower than expected.

RBL BANK LIMITED

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