RBLBANK Q3 FY26 earnings call.
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RBL Bank reported Q3 FY26 with advances growing 14% YoY to ₹1,03,886 crores and deposits at ₹1,19,721 crores (12% YoY). The bank achieved net profit of ₹214 crores, though credit costs remained elevated at 64 bps, driven primarily by credit card slippages of ₹539 crores. The management acknowledged that card asset quality challenges will persist for two more quarters before normalizing from September 2026. Secured retail advances are now growing 25% YoY with monthly disbursement run rates above ₹5,000 crores, while wholesale banking grew 21% YoY. The bank added 18 branches in Q3 and plans to expand to 600 by March 2026, 800 by March 2027, and 1,000 by March 2028. Emirates NBD capital infusion is expected in Q1 FY27 pending regulatory approvals. The NII margin improved 12 bps sequentially to 4.63%, with further margin support expected as TD repricing continues over the next 2-3 quarters. The key risk remains the trajectory of credit card slippages and the pace of normalization in the MFI/JLG segment.
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Guidance to track
- RBL plans to expand from ~500 current branches to 600 by March 2026, 800 by March 2027, and 1,000 by March 2028, with branches expected to become profitable within 18 months of opening.
- Management expects credit card slippages to remain elevated for two more quarters before stabilizing from September 2026, with second half FY27 showing material improvement in credit costs.
- Despite 25 bps repo rate cut in December 2025, bank expects marginally better margins in Q4 FY26 due to continued TD repricing benefits and improved disbursements in better-yielding assets.
- Bank targets sustainable 10-15% annual growth in credit card receivables, implying 5-10% quarterly growth, without chasing higher growth rates to maintain portfolio quality.
Risks flagged
- Analyst questioned why credit card asset quality has not normalized despite previous guidance. Management attributed this to a specific cohort within the portfolio and portfolio distribution in fringe geographies post-Bajaj partnership exit. Slippages expected to stay elevated for two more quarters.
- Management acknowledged no precedence exists for this first-of-its-kind transaction and cannot precisely predict when regulatory approvals will come, though they hope for Q1 FY27. Three separate approvals are required (RBI, GoI, CCI, SEBI) with all three needed before infusion can proceed.
- Management indicated that MFI catch-up provisioning at 25% monthly will result in some net NPA increase in microfinance from legacy portfolio, with Q2, Q3, and Q4 all having catch-up provisions. This could pressure asset quality metrics.
- While management guided 60-70 crore incremental opex for 200 branches in FY27, the bank is simultaneously investing in secured retail and credit card business turnaround, creating multiple cost headwinds against the capital infusion timeline.
Key quotes
- We are quite confident of where we see this resolutions improving and what is the kind of risk underwriting that has happened over the last two years. So there is reasonable predictability on what we are seeing and hopefully we'll be able to demonstrate that over the next two to three quarters.
- We will exit March with around 600 branches and by next March then year after it will be around 800 and by third year we'll be exiting from 1,000 branches. This is apart from the touch points of around 1,300 where we have an RFL which we have started leveraging.
- I don't think we are looking at cards as a standalone product to grow materially beyond. We'll be very comfortable with a 10 to 15% growth in the book and one to one and a half lakh new card acquisition in a few months and that's a good run rate as long as we are able to bank the customer for more products.
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