RBL Bank shares tumble 4% after Q1 update disappoints
RBL Bank's shares fell 4.2% after its June quarter update showed a 2% QoQ drop in deposits to Rs 1.01 lakh crore, despite an 18% YoY rise.
Shares of fell by 4.2% to a low of Rs 255 after the company’s update disappointed D-street. The bank’s total deposits recorded a 2% quarter-on-quarter (QoQ) decline in its total deposits at Rs 1.01 lakh crore.However, the number was an 18% increase on a year-on-year (YoY) basis.
The bank’s stood at Rs 32,996 crore, which was a 3% YoY increase, but a decline of 9% QoQ. Company’s gross advances increased 18% YoY to Rs 88,455 crore.
RBL Bank has reported a CASA ratio and liquidity coverage ratio at 32.6% and 137% respectively for the first quarter of FY25.
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“The Bank continues to focus on growing the share of granular retail deposits in the overall deposit mix, with deposits below Rs. 3 Crore constituting approx. 49.3% of the overall deposits of the Bank as at June 30, 2024,” the bank said in a filing to the exchanges.
The bank also informed that the retail advances in the June quarter grew by 31% YoY while wholesale advances grew 2% YoY. Within wholesale, commercial banking advances grew 23% YoY. The mix of retail:wholesale advances was approximately 62:38.
In the last one year, have surged 36.30% with a gain of 21.7% on . The last one month also saw an increase of 6.5% in the share price while in the last 2 weeks, the stock has declined by 1.40%.
Technically, the stock is placed well above all its significant exponential moving averages and is oscillating at a mid range on the RSI near the 56 level.
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Source: Stocks-Markets-Economic Times
