InCred has maintained its hold rating on RBL Bank with a target price of ₹305 per share, citing a moderation in loan growth and mixed trends across segments.
The brokerage noted that gross loan growth slowed to around 13% YoY, compared with 14% in the previous quarter, while sequential growth moderated to 2%, down from 6% in the prior period. This deceleration was primarily driven by slower momentum in the secured retail segment, while the unsecured loan book remained flat on a quarter-on-quarter basis.
InCred observed that the corporate loan book remained broadly stable, offering some support to overall growth. On the liabilities side, deposit growth improved sequentially to 2.6%, largely driven by term deposits, helping stabilise funding dynamics.
The gross loan-to-deposit ratio moderated QoQ, reflecting a more cautious balance sheet stance amid evolving growth conditions. InCred believes that while RBL Bank continues to stabilise operations, sustained improvement in loan growth and profitability will be key catalysts for a more constructive view.
Disclaimer: The views and recommendations above are those of InCred. Business Upturn does not endorse them. Please consult a financial advisor before making investment decisions.
