{"id":181882,"date":"2026-04-25T07:28:06","date_gmt":"2026-04-25T11:28:06","guid":{"rendered":"https:\/\/alphastreet.com\/india\/rbl-bank-ltd-rblbank-q4-2026-earnings-call-transcript\/"},"modified":"2026-04-25T07:34:44","modified_gmt":"2026-04-25T11:34:44","slug":"rbl-bank-ltd-rblbank-q4-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/rbl-bank-ltd-rblbank-q4-2026-earnings-call-transcript\/","title":{"rendered":"RBL Bank Ltd (RBLBANK) Q4 2026 Earnings Call Transcript"},"content":{"rendered":"

Note:<\/strong> This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.<\/em><\/p>\n

RBL Bank Ltd (NSE: RBLBANK) Q4 2026 Earnings Call dated Apr. 25, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

R Subramaniakumar<\/strong> \u2014 Managing Director and Chief Executive Officer<\/em><\/p>\n

Jaideep Iyer<\/strong> \u2014 Head of Strategy<\/em><\/p>\n

Bikram Yadav<\/strong> \u2014 Head of Credit Cards<\/em><\/p>\n

Analysts:<\/h2>\n

Rikin Shah<\/strong> \u2014 Analyst<\/em><\/p>\n

Param Subramanian<\/strong> \u2014 Analyst<\/em><\/p>\n

Kunal Shah<\/strong> \u2014 Analyst<\/em><\/p>\n

Piran Engineer<\/strong> \u2014 Analyst<\/em><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, good day and welcome to RBL Bank Limited’s Q4FY26 earnings conference call. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing Star then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. R. Subramanyakumar, Managing Director and CEO of RBL Bank.<\/p>\n

Thank you. And over to you, Mr. Kumar.<\/p>\n

R Subramaniakumar<\/strong> \u2014 Managing Director and Chief Executive Officer<\/em><\/p>\n

Thank you ma’. Am. First of all, my apologies for a couple of minutes late. Good evening ladies and gentlemen and thank you for joining us for a discussion on our bank’s financial results for the fourth quarter and year ended financial year 2026. We have uploaded the results along with the presentation on our website and I hope you had a chance to go through it in detail ahead of this call. As always, I’m joined by Mr. JG Payar, our executive Director and other members of our management team to address any questions you may have.<\/p>\n

Before we get into the details on Q4 operational performance, I would like to briefly touch upon the macro trends. Demand conditions across our key customer segments remain broadly stable with retail consumption and small business activity continuing in line with our recent trends. Overall, the operating environment continues to support calibrated growth for well capitalized banks with a balanced portfolio mix and a strong risk framework. We are not currently seeing any material impact on our portfolio arising from the conflict in the Middle east.<\/p>\n

In retail. The collection momentum in April has been broadly in line with our earlier trends with no discernible disruption so far on the retail front. On the wholesale side as well, we have not seen any impact at this stage. That said, we remain cautious and selective across certain industry segments within wholesale and small business lending and we will continue to closely monitor how the situation evolves. Importantly, our inherently risk averse approach over the last few years puts us in a relatively strong position particularly across the wholesale portfolio.<\/p>\n

On the retail side, we have significantly skewed the business towards secured segments which has enhanced the balance sheet resilience and positions us meaningfully better today compared to where we were two to three years ago. Now on to business trends. On the quarter we crossed a total business of 2.5 lakh crore. During the quarter our advances grew 23% YoY to Rupees 1,14,232 crore and deposits grew 25% Y O Y to Rupees 1,39,018 crore. The CD ratio stands comfortable at 82.2%. Within deposits, the granular deposits grew 16%.<\/p>\n

The granular term deposits grew faster at 24% FIO Y. The deposit momentum was also helped by growth in the wholesale customer deposits. Within the overall advances, the secured retail assets grew 36% YoY and JLG book grew 34% YoY. Let me also mention here that 98% of our disbursement in JLG is covered by CGFMU and at the book level approximately 95% of the standard book is covered. In the wholesale segment our commercial banking business grew 30% yoy. The commercial banking continues to see growth driven by expansion in the relationship and the credit teams across the existing markets and selective expansion into new geographies.<\/p>\n

The large corporate business also grew 26% in credit cards. Bank issued 3.3 lakh cards during Q4FY26 with cards in force increasing to 4.63 million cards as of 31st March 2026. The Q4 was the second quarter with a sequential increase in the cards in force after almost six or seven quarters of reduction. We have built traction in direct sourcing with this contributing more than 90% of the acquisition. This includes co brand cards where sourcing is done by RBL team. The branches are also stepping up on new sourcing to internal customers.<\/p>\n

Our net interest margin on net interest margin front banks new reduced 22bps during Q4 FY26. This is on account of the fact that yield on advances reduced by 50bps mainly due to the impact of the repo rate cut in December 25th and advances mix change plus surplus liquidity on balance sheet. This was partially offset by reduction in the cost of deposit by 28bps during the quarter. We accelerated the branch expansion by adding 23 branches and cross the milestone of 600 branches reaching a branch strength of 603.<\/p>\n

This momentum will continue as we enter new financial year strengthening our physical footprint and support growth across retail businesses. As we have mentioned earlier, we have made meaningful progress in leveraging branches for asset growth with increased branch led sourcing across gold loan, working capital, secured business loans, home loans and credit cards. The dispersal from branches was rupees eighteen hundred crore for the quarter versus thirteen fifty crore last quarter of this the gold loan disbursal growth through branches was 850 crore for the quarter versus 540 crore last quarter.<\/p>\n

We expect the momentum to sustain as we go into the new fiscal our only owned subsidiary RFL as a sourcing channel for small ticket secured businesses, loans and housing loans is gaining traction and has the potential to become a meaningful contributor to the secured loan sourcing in the coming financial year. They will do it along with the JLT versus Let me also articulate how we think about our growth architecture going forward. Around 40 to 45% of our portfolio comprising corporate and commercial lending which is clearly identified by us as a high growth, moderate to low risk with stable but relatively lower margins will be an area where we continue to consistently execute and scale.<\/p>\n

Another 20 to 25% of the portfolio comprising of credit cards and MFI will represent businesses that we approach with a calibrated growth mindset given the relatively higher risk profile but also the structurally higher margins. Complementing this will be our retail secured portfolio of 35 to 40% which will diversify risk and returns and create a strong customer base for the bank. Together these segments provide a balanced framework for the growth and profitability. Importantly, we believe we are well geared to pursue this construct supported by the new capital coming into the bank and our continued expansion across locations and geographies enabling us to scale in a reasonable and sustainable manner.<\/p>\n

On the progress of the announced capital infusion by Emirates NBD bank. We have received RBI and CCI approvals. Approvals from the Government of India and the SEBI are in process. In summary, as we look ahead to FY27, our growth priorities are clearly defined and focused on building a scalable, resilient and profitable franchise. Continuing to build granular and stable liabilities with the objective of progressively narrowing the cost of deposits gap Visa vis larger peers driving a more balanced and diversified retail asset mix with the faster growth in secured products alongside the targeted market share gains in secured business loans, housing loan and Gold loan Enhancing profitability across secured retail asset segments through better pricing discipline, operating leverage and the product optimization Leveraging our branch network and RFL as a key sourcing channel to scale secured retail assets origination efficiently deepening customer relationship by increasing product penetration across our existing liability customer base and credit card franchise.<\/p>\n

In summary, we believe we are on the right trajectory for FY27 with a well balanced, scalable and profitable growth engine anchored on stronger liabilities, a more secured led retail asset mix, improved product level profitability, effective branch led sourcing and the deeper engagement across our existing customer base. The incoming capital infusion from ENBD further strengthened our ability to accelerate the growth while remaining firmly focused on long term profitability and resilience. This positions us well to scale up in a measured manner with A capital strength and execution discipline working together.<\/p>\n

Now I will invite Mr. Jaydeep to take you through the financials in greater detail.<\/p>\n

Jaideep Iyer<\/strong> \u2014 Head of Strategy<\/em><\/p>\n

Thank you Mr. Kumar and good afternoon everyone. Briefly touching on some of the specific aspects of our financial performance. We grew our net advances by 23% year on year and 11% sequentially to 1 14,232 crores. Retail advances grew by 20% year on year and 11% Sequentially to 67,119 crores. As was just mentioned, the retail wholesale mix is 59:41. Secured retail advances grew at 36% year on year and 17% sequentially. Within secured retail, business loans and housing loans grew 32% year on year and 7% sequentially.<\/p>\n

The disbursement for secured retail was about 5,400 crores for the quarter and 18,500 crores for the full year in FY26 versus 10,400 crores for last year. Microfinance advances grew 34% year on year and 15% sequentially. Wholesale advances grew 28% year on year and 11 percent sequentially. Within this, commercial banking grew at 30% year on year and large corporates grew 26% year on year. As we mentioned in our exchange results earlier in the month, early bucket efficiency in the microfinance segment for the month of March was 99.7% versus 99.5 for December 25th.<\/p>\n

Clearly we’ve reached the most optimal collections on this segment. On credit cards, we issued 3.3 lakh cards during the quarter reaching total cards outstanding at 4.63 million cards. So this is the fourth month in a row where we’ve added sequentially the net card additions as well. And we hope that this will start reflecting in the balances outstanding. From Q1 onwards. On deposits, total deposits grew at 25% year on year and 16% sequentially to 1 39,018 crores. Some of this was helped by period end flows in wholesale CASA ratio stood at 33.6% as at March 31.<\/p>\n

Deposits less than 3 crores, an area of focus for us for the last two three years at least, grew 16% year on year and 4% sequentially. Within this granular term, deposits grew faster at 24% year on year. Average LCR for the quarter was 130% and CD ratio was at 82.2%. Our cost of total deposits for the quarter was down to 5.92% versus 6.2% last quarter. Our savings account balances cost for the quarter was 11 bits lower sequentially to 5.05 as we had cut our rates in January 26th. Our total cost of term deposits was down 24% to 7.05% versus 7.29% last quarter.<\/p>\n

On the operating performance our net interest income was up 7% year on year and 1% sequentially to 1% 1,671 crores. Other income was up 7% both on YOY and 2% sequentially to 1069 crores. Core fee income grew 9% year on year and 10% sequentially to 1057 crores. Total net income grew 7% year on year and 1 percent sequentially to 2,740 crores. Our OPEX grew at 5% year on year and degrew 1% sequentially to 1,785 crores for the quarter. Cost to income as a consequence was down to 65.1 versus 66.3 last quarter.<\/p>\n

Our operating profit therefore in this quarter grew 11% year on year and 5% sequentially to 955 crores. Net profit for the quarter therefore on a standalone basis was 230 crores versus 214 crores sequentially the previous quarter and 69 crores same time last year. In terms of asset quality and NPI ratio GNPA was down 43bps QoQ to 1.2% and net NPA was down 16bps QoQ to 0.39. Coverage ratio was at 73.6%. Our total net slippages for the quarter was 624 crores as compared to 711 crores last quarter.<\/p>\n

Net slippage in the wholesale was again flattish in fact negative 1 crore aided by recoveries. Credit card slippage net slippage was 580 crores and microfinance has now come down to 53 crores for the quarter. The rest of the retail was a negative of 8 crores so more recoveries than slippages. So essentially our slippages are pretty much coming from cards and a significantly reduced trend that we see on the microfinance portfolio. The SMA book in microfinance is reduced to 84 crores as of March 31 as compared to 124 crores as of December, clearly reflecting the improved collection efficiency which I think is now clearly reached more than optimal levels and we will expect it to be stable in this range for a while.<\/p>\n

The lower SMA book as of March also naturally implies a reduction in slippages that we will expect in Q1. On the microfinance front, I would also like to add that 95% of our portfolio on MFI is now covered under CGFMU. We will expect to raise a claim of about 80 crores in the current year. Which pertains to NPA, that would have happened about a year back. On provisioning, the total net provision on advances was 684 crores. Of this card was the bulk at 489 crores. In microfinance it was 154 crores.<\/p>\n

And this was on account of catch up provisioning on elevated slippages that we had seen in H1. Given our provisioning policy of 25% per quarter and all other retail put together was 34 crores, most of it being for standard asset provisioning and similarly wholesale for 7 crores. Again largely standard asset provisioning. Credit cost for the quarter was 65 basis points. On capital position, total capital was at 14.25% and CET1 was 12.8% versus 14.9 and 13.45 as at December 31, 2025. With this we will now open the session for Q and A.<\/p>\n

Questions and Answers:<\/h2>\n

Operator<\/strong><\/p>\n

Thank you very much, sir. We will now begin the question and answer session. Anyone who wishes to ask questions may please press Star and one on their Touchstone form. If you wish to withdraw yourself from the question queue, you may press star and 2. Participants are requested to use only handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. You may please press Star and one to ask questions. The first question is from the line of Rikkin Shah from IIFL Capital.<\/p>\n

Please go ahead.<\/p>\n

Rikin Shah<\/strong><\/p>\n

Hi, good afternoon. I had four questions, I just break them down. The first one is if you could. I’m sorry<\/p>\n

Operator<\/strong><\/p>\n

Mr. Shah, your audio is not clear. Sir, maybe request you to kindly use your hands please.<\/p>\n

Rikin Shah<\/strong><\/p>\n

Is this better?<\/p>\n

Operator<\/strong><\/p>\n

Yes, please.<\/p>\n

Rikin Shah<\/strong><\/p>\n

Yeah. So I had four questions. I’ll ask them one after the. The first one is on. If you could quantify the quantum of transitionary deposits from IHC in 4Q and an extension to that is once the Emirates money comes in, hopefully in 1Q, how should we think about the deposit growth in FY27 and 28? Because that will be reasonably decent amount of capital. So what would be the overall deposit growth plans? So that’s the first one. I’ll ask the other three later.<\/p>\n

R Subramaniakumar<\/strong><\/p>\n

Yeah, so<\/p>\n

Jaideep Iyer<\/strong><\/p>\n

On the transient flow, approximately 5,000 crores was the transient flow for the last few days in March and first couple of days in April. So that’s the transition and on deposit growth, you’re right. I think we will kind of de emphasize high cost deposits till we exhaust the equity funding that will come through in the near term. And I think that ability to exhaust that should be, give or take 9 to 12 months post which I think we will again be back to having a growth in deposits in line with loan book.<\/p>\n

R Subramaniakumar<\/strong><\/p>\n

However, we will continue our efforts. Just, just. Just one minute. However, we will continue. We will not let go of our efforts of retail deposit because it is LCR accretive and we’ll be focusing on that which has been growing in the range of around 25%. We’ll try to continue to grow that in that range.<\/p>\n

Rikin Shah<\/strong><\/p>\n

So fair to say that FY27 deposit growth could be single digit or low double digit and FY28 then it catches up to 15, 20%. Would that be a fair assumption?<\/p>\n

Jaideep Iyer<\/strong><\/p>\n

Yeah, I think it will be conscious attempt to ensure that we get the right deposits at the right optimal pricing, especially retail. And we also foresee that because of a rating upgrade and the ability to target a significantly larger number of wholesale customers who otherwise would have maybe not given us that much of an opportunity from a deposit standpoint. I think the interesting situation for us will be that there will be a lot more supply than demand from our side on deposits which should largely reflect itself in the cost of wholesale deposits and term deposits.<\/p>\n

Rikin Shah<\/strong><\/p>\n

Got it. A second question is relating to margins. How much of residual term deposit repricing is remaining? When do you expect to cut the SA and how should we incrementally think about NIMS X of the benefit coming from the capital due to Emirates?<\/p>\n

Jaideep Iyer<\/strong><\/p>\n

So on term deposit repricing I think<\/p>\n

R Subramaniakumar<\/strong><\/p>\n

More<\/p>\n

Jaideep Iyer<\/strong><\/p>\n

Or less done some tail left. I would say 5, 10 basis points here and there on that which should come through in Q1. Obviously this is also subject to the volatile conditions that may prevail from time to time on the liquidity front depending on what’s happening on the geopolitical front, but largely I would say some tail left margin. Therefore I would expect Q1 to be flattish and after that we should start seeing some increase in margins x of capital mix. Partly also driven by. Partly also driven by the fact that we expect our credit card book to grow which has been de growing for almost a year and a half.<\/p>\n

Rikin Shah<\/strong><\/p>\n

And when would you plan to cut the sarets? Is it after the money comes in or it can happen even before that?<\/p>\n

Jaideep Iyer<\/strong><\/p>\n

So that’s a continuing process. We’ve already cut close to 1 1\/2% over the last 12 months or so, including the last cut in Q4 January I think so that’s a continuous process. I think the way we are trying to balance this is to ensure that we are able to cross sell to customers who are probably today only having a savings account relationship so that as and when we cut the disruption, we don’t lose customers. So I think it’s important to ensure that when we build the franchise with customer relationships, it’s important that just the rate factor is not a disruption.<\/p>\n

So we will do it in a manner in which it is optimal for the bank in general. But the trend over the next 12, 18 months clearly should be trending down.<\/p>\n

Rikin Shah<\/strong><\/p>\n

Got it. The third question is pertaining to Treasury. Would you be able to quantify the absolute quantum of AFS reserves? And also was there any impact from RBI’s FX NOP rule in the fourth quarter?<\/p>\n

Jaideep Iyer<\/strong><\/p>\n

So no material change in our AFS reserve in this quarter Slackish<\/p>\n

Rikin Shah<\/strong><\/p>\n

And any impact of the RBI’s effects?<\/p>\n

Jaideep Iyer<\/strong><\/p>\n

No, no. We were fortunately very very light on that. So we didn’t have the necessity to reduce our positions because of the RBI guideline.<\/p>\n

Param Subramanian<\/strong><\/p>\n

Yeah.<\/p>\n

Rikin Shah<\/strong><\/p>\n

And then last question is on. Sorry. Yeah, so I was saying the last question is on asset quality. I mean you know how much of aging provisions is still remaining in mfi? Because if your slippages are going down but the provisions haven’t come off. So is that 25, 50% more remaining or are we done? And more importantly, while you had earlier guided for credit cost to remain flattish and elevated until 1h the concerning part is that the credit card PL slippages are still rising. The slippages. So why is that happening?<\/p>\n

And if you could just throw some color on that.<\/p>\n

Jaideep Iyer<\/strong><\/p>\n

So on MFI we are past the peak and from here on we should see the reflection of lower slippages that we have seen in the H2 starting to flow through in the provisioning numbers and we will kind of become equivalent to the slippage kind of a run rate by Q2 or so on cards. Ricky, I think we’ve made this statement even in the last quarter that we will have elevated slippages for two to three quarters. I think we have now clear visibility that, you know, the slippages that we have is a matter of H1H max.<\/p>\n

And if you look at early bucket resolutions we are able to now quite confidently say that we should materially reduce slippages in H2. We should come down to a slippage numbers of more closer to 7%. 7. 7.5% in H2 and therefore credit cost for the cards portfolio closer to 5.5% in H2. So that’s the leading indicators that we are clearly now seeing quite distinctly and we will have to live with this slightly more elevated slippages for the H1 of this year, of the coming year.<\/p>\n

Rikin Shah<\/strong><\/p>\n

Yeah, sorry sir, go ahead please.<\/p>\n

R Subramaniakumar<\/strong><\/p>\n

Yeah, other than the current, if you look at that, I mean you can see in our presentations also the wholesale and retail secured which all put together considerable 74% of the book doesn’t show any slippage and it will continue to maintain that.<\/p>\n

Rikin Shah<\/strong><\/p>\n

Got it. And where do you think in H2 the normalized credit cost settle given the book mix we have, of course it will remain elevated about at 250bp as per guidance. But once all of this normalizes, where do they settle?<\/p>\n

Jaideep Iyer<\/strong><\/p>\n

So if you look at the current credit cost contribution, I think almost 90 plus percent is coming from cards. MFI. MFI as I mentioned should start normalizing from Q1 and should become in line with the slippages latest by Q2. So that kind of dramatically reduces. And in cards, you know, let’s say 20% of the book is cards simplistically and if we come down to let’s say 5 and a half or 6% or so, then we are talking about 1.1, 1.2 there and the rest of it should be not more than 30, 40 basis points.<\/p>\n

So I am, I wouldn’t call this a guidance but if I’m doing the math I think we should come down to the 1.5 range for the H2.<\/p>\n

Rikin Shah<\/strong><\/p>\n

Got it. Perfect. Thank you so much. Those are all my questions.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of J. Mundra from ICICI Securities. Please go ahead.<\/p>\n

Rikin Shah<\/strong><\/p>\n

Good afternoon sir. Two questions. First is while you mentioned that the yields have dropped because of the repo rate change and the adverse loan mix but I wanted to check that you would have this option even going ahead that you know you can look at absolute growth while let us say growing in some of the areas such as wholesale or secured credit which would have an implication on the yield even going forward without even assuming a repo rate to be stable. So do you have any NIM threshold or yield threshold?<\/p>\n

Because you would have this choice even going ahead. And just an observation with that. The yield that we disclose in gold affordable housing prime lab BBG looks in my opinion much lower than the peer. So any comments there?<\/p>\n

Jaideep Iyer<\/strong><\/p>\n

So on the trend on yields on advances? Jay, I think the way we would look at it is that the compensation on margin should be Driven through cost to assets and through provisioning line both clear visibility as we move forward on the provisioning. I just mentioned the cards impact on cost to assets as we scale up our secured assets. We’ve told this in the past. It’s been an investment year for us last year and maybe a year before that when we were growing our secured assets and when the growth rates are 50, 60% cost of acquisition does tend to be materially high and these are relatively low margin businesses as compared to unsecured businesses.<\/p>\n

So the traction has to come from cost to assets when the secured retail assets begins to get materially profitable. As we move forward in the current financial year, we expect that to progress. We’ve already broken even on that business in Q3 Q4 and we should start seeing contribution to net profits from that business. It will also mean that the quality of return then materially improves because it’s coming on the back of the of a lower variable asset quality business rather than a higher variable asset quality business.<\/p>\n

We also have material opportunity to reduce our overall liability cost. As I mentioned earlier, we should become materially better rated as we consume with the transaction. We will also look at an international rating. Our ability to go to corporates for both current account and term deposits will be a much much wider set after the transaction. There is enough and more opportunities on cross border from a commercial banking perspective to also have a differentiated value add offering to our customers.<\/p>\n

So I think all of that should consciously get reflected in the cost of liabilities which is an important driver for driving profitability for us. The broad change that we are looking at in the future as compared to past is work on cost of liabilities. We will be in a particular situation where very highly capitalized, well rated bank with an opportunity to go to large corporate from a deposit standpoint and current account standpoint. At the same time we do have good profitable engines on the asset side which is a very good combination to have.<\/p>\n

On the specific question on yields on the secured assets we are consciously looking at within that we will look at relatively low risk businesses. If we look at our early indicators like Bounce etc. On affordable home loans and small lab. This is like half of industry and that’s conscious. The last thing we want is to build unnecessary risks in secured businesses. The idea is to get more efficient from an operating standpoint and look at cross sell where every customer has two or three products including liabilities and investments with us.<\/p>\n

So that’s really the focus.<\/p>\n

Rikin Shah<\/strong><\/p>\n

Sure. And second question on LDR. Right. So I can understand this 5,000 crores of transient deposit from EMBD. But even if I exclude that, you know, we have LDR in our favor, I mean The LDR at 82% could have prompted you to go slow on, you know, some of the maybe more than 3 crores term deposit. So if I look at this quarter, I believe Even adjusting for 5000 crore growth in higher than 3 crores TD was much faster and we may not have the need. Right? I mean, so I was just trying to understand when LDR is in favor why to grow TD at 12%.<\/p>\n

Qoq, is this back ended? Is this LCR driven and hence it may run off or how to look at that.<\/p>\n

Jaideep Iyer<\/strong><\/p>\n

We’ve already mentioned broadly LDR to be in the 82 to 87%. I think these are period end numbers. You know, average LDR could probably be closer to 85% which is reasonably within our comfort zone. And by the way, that flow is not from enbd. It was a transaction that we got the escrow for a capital infusion of a company and it was nothing to do with the NBD in that sense. So again, I think the optimization of the balance sheet, if I can use that phrase in a broader term, is an ongoing process. And I think we are more focused right now on ensuring that we open up relationships on all fronts, deposits and loans.<\/p>\n

And I don’t think, you know, I don’t think we are chasing deposit growth at any cost to kind of reflect some outside number or anything like that. It is just a natural consequence. Typically March is a little heavy on deposits as well. So again, in short, if you look at average LDR, I think we should be closer to 85%.<\/p>\n

R Subramaniakumar<\/strong><\/p>\n

I’m coming to your point on retail deposit, where do you choose? It is not a question of chasing, it is a question of building up the customer base in order to meet your lcr. Agreed to number one. Number two, unless otherwise you have a relationship through one of the hook product, you will not be able to expand your relationship of three to four products with the customers. So naturally it has to start either with one of the asset product or it has to start with something in the investment product.<\/p>\n

Most attractive investment product is not a SIP or anything like it is going to be FD. So less than 3 crores, you know that it is that population which has an ability to borrow as well. If I have an error, if I just onboard them as a customer month, then I am having a bigger ability for expanding it to the other side of the balance sheet. Also These are the things which is driving us. And moreover the branch footprint. If he is there, the footfall to the branch increases were first with the fd, then with the savings fund.<\/p>\n

Then there’s an asset it goes that order or alternatively a sales driven asset team. They’ll get the asset then they will get into the balance footfall<\/p>\n

Rikin Shah<\/strong><\/p>\n

Td legendary growth. We will continue to grow.<\/p>\n

R Subramaniakumar<\/strong><\/p>\n

24, 25. That’s it,<\/p>\n

Rikin Shah<\/strong><\/p>\n

Right? Sure. And last question sir, on credit card business, is this right to understand that once, I mean you would be looking to grow that business or the business itself will grow once you see slippages normalization or you know we are at a point where you know business will definitely grow and you know credit cost or slippages will also come down. And just like JLG where you have an SMA book is there any numerical data point to give an early delinquency stuff on credit card also<\/p>\n

R Subramaniakumar<\/strong><\/p>\n

With regard to growth, I’ll give a broad sense how we are approaching it which I said there in my speech as well as for the unsecured is concerned we will try to have it in the range of 2025% which you includes credit card, personal loan and that of the PLC necessitated jlg. Right. All of them. That that’s the overall. So if the balance sheet keeps growing and naturally there is an opportunity for this particular group is also to grow because it has to maintain the 2022%. In our own internal calculation it appears that it will continue to grow at 15% is what it will be able to catch up when rest of the book is growing at 2025% and this going at 15% will be able to maintain that particular equilibrium and balance with regard to that the slippage and other things.<\/p>\n

Jaideep Iyer<\/strong><\/p>\n

So yeah, I think you know I would, I would say that you know we are the slippages numbers are going to be elevated as I mentioned. And our judgment is that this should be largely an H1 phenomena. And and from H2 onwards, as I mentioned, we should start seeing pretty much very, very normalized numbers and that is coming on the back of how we read the early delinquencies. So if you look at our early buckets, that is what is giving us the confidence and that is month on month improving over the last few months and consciously with steps that we have taken.<\/p>\n

So there is a correlation of what we have done to the outcome and therefore the, therefore the let’s say the visibility for this materially changing from H2.<\/p>\n

Rikin Shah<\/strong><\/p>\n

Right, sure. All the very best, sir. Thank you. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Kunal Shah from Citigroup. Please go ahead.<\/p>\n

Kunal Shah<\/strong><\/p>\n

Yeah, thanks for taking the question. So when we look at it again in terms of the question on growth versus margin, maybe there would have been some transient flows towards the end of the quarter, but eventually, if I look at ROAS, still closer to 0.55 odd percent. Okay. And we are growing at a much faster pace. So would the priority be more in terms of scaling up the ROA and having a more calibrated growth or we still see like 25, 30% growth coming in, but then ROAS remain modest. Okay. Cyclically credit cost can help to an extent, but otherwise driven by NIM Fee opex.<\/p>\n

Should we see like roas continuing at a similar level?<\/p>\n

Jaideep Iyer<\/strong><\/p>\n

No. So, Kunal, I think one is that the growth that we are doing on the loan book side, if I, if I want to kind of take that, we are very conscious to look at ensuring that the mix of business is moving towards the lower risk products and there is an opportunity on wholesale. We are also positioning ourselves on the wholesale front, clearly with respect to the capital infusion and the rating upgrade that we will naturally assume post the transaction. It also means that I think I mentioned this earlier in the call.<\/p>\n

The supply, demand, demand for us on the liability side gets heavily skewed on our favor for the first 12 to 18 months where our need for deposits and borrowings will be significantly lower than what the opportunity to get those will be because we will widen our opportunity set from wholesale and other areas. So therefore cost of liabilities will come down due to these factors. That will be one driver for roa. Second driver is that we will also have to optimize for an ROE number over a three year period, so which will be a combination of growth into roa.<\/p>\n

Right. So one could choose to be very high roa, low growth and yet not get to roe. So I think we will start focusing naturally. I think because of the tailwinds that we have on the businesses, we will have organic ROA as well as expansion of ROI due to capital coming through in the second half of the year. So we see an opportunity to grow in the 20s with profitability, which is what the focus will be.<\/p>\n

Kunal Shah<\/strong><\/p>\n

Sure. And in terms of the ROI construct, if you can give between these three segments, wholesale, secured, retail and unsecured, how does it stack up now? And Maybe eventually, maybe 18, 24 months down the line, how should we see it? Maybe unsecured definitely moves up with the normalization of the credit cost. But today in terms of wholesale and secured, is it like too ROA dilutive?<\/p>\n

Jaideep Iyer<\/strong><\/p>\n

No. So wholesale is highly profitable also driven by the liability franchise that is there in that book. So I think while if we look at only assets for ROA in wholesale that obviously will be more in the 1% or thereabouts range. But if we look at fee income, treasury current account businesses, ability to get salary accounts for us through wholesale, I think we have to look at it in a holistic picture and then that becomes highly profitable. So it is in the two plus percent zip code and I am using PBT and I am using the denominator as wholesale loan book.<\/p>\n

So naturally the moment you look at a bank loan book you have to add 30 35% of GSecs and other investments. So just be careful on the math when you look at extrapolating that for the bank on the secured retail we just mentioned that it’s been on the investment phase for the last couple of years and last quarter H2 of fiscal 26 was already breaking even for secured retail and we should move towards a somewhere in the 70 to 90 basis points PBT ROA for that business as we move towards the current financial year.<\/p>\n

So every business will move towards better profitability for different reasons. Secured retail is more a question of scale and productivity optimization. Unsecured is a question of optimizing or the outcomes on the provisioning and some optimization on the cost. Wholesale I think is already optimized operating on I would say more than optimal ROA profitability because we have obviously seen zero credit cost for the last three to four years.<\/p>\n

Kunal Shah<\/strong><\/p>\n

Sure, sure. And one last thing in terms of again the yield construct, so 50 odd basis points even when we look at some kind of a mix change, however lower yield we would have done it or maybe no yield, but that’s too coming towards the end of the quarter. So and maybe repo again when we look at it for us, the EBLR link portfolio would be relatively lower compared to anyone else. So is it like a larger part? Is the liquidity component within it not maybe this 50bps appears to be much higher. Okay, looking at putting everything together.<\/p>\n

Jaideep Iyer<\/strong><\/p>\n

So partly mix change, partly cards reversal of interest due to slippages and partly due to liquidity. I would say is all three are relatively important factors.<\/p>\n

Kunal Shah<\/strong><\/p>\n

Okay, okay. And now it should settle at this level or it will further go down as we are focusing more on the lower risk portfolios offset by the cost of liabilities benefit which we’re getting.<\/p>\n

Jaideep Iyer<\/strong><\/p>\n

So I would say margins should flatten out and therefore we might have some more reduction in yield on advances largely compensated by cost of of deposits.<\/p>\n

Kunal Shah<\/strong><\/p>\n

Got it. Perfect. Yeah, thanks. Thanks. And all the best. Yeah.<\/p>\n

Jaideep Iyer<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Shubranshu Mishra from Philip Capital. Please go ahead.<\/p>\n

Rikin Shah<\/strong><\/p>\n

Hi. So in the PPT I don’t think there’s a source split for the credit card sourcing. So how much is it from our in house customers? Customers or liability customers? How much is it from the co brands and how much is it from open market? Second is what’s the total amount of write off that we have taken from the credit card pool in fiscal 26 and how much in 24th quarter? What kind of write offs or settlements are we look going to going to look forward in 26, 7. And with this new capital coming in, are we looking at a change in the management as well at the CXO level, MD level?<\/p>\n

Happy to take these questions.<\/p>\n

R Subramaniakumar<\/strong><\/p>\n

Yeah. First with the new capital only change, what you’ll be seeing is the board composition, nothing else. Okay. As far as the card composition is concerned,<\/p>\n

Jaideep Iyer<\/strong><\/p>\n

I’ll take the question on write off and then I’ll give it to business. Vikram on the mix of origination. So we took about a 590 crore write off in Q4 on cards which is nothing but a mathematical consequence of slippages and non upgrades within 120 days. It’s a technical write off. We obviously continue to collect from these customers and for the year it was approximately 2,100 crores. Vikram on sourcing.<\/p>\n

Bikram Yadav<\/strong><\/p>\n

So on the sourcing front you have seen the new origination numbers of last 34 months. Out of this total sourcing, 90% of it is sourced by our own direct sales teams in the market. About 10% of what we source on our own comes from our branch network. And our co brands contribute about 10% of the total.<\/p>\n

Rikin Shah<\/strong><\/p>\n

80 is direct sales, 10% is co brands and 10% is balance. Right?<\/p>\n

Bikram Yadav<\/strong><\/p>\n

Yeah. Ballpark. That is Right.<\/p>\n

Rikin Shah<\/strong><\/p>\n

Right. And just one follow up question to Jadib. This. 2100 crores of write off that we just spoke of and 590 crores of technical write off that we are speaking of ballpark. The recovery is 30 cents to a dollar, right. Or 25 cents to a dollar.<\/p>\n

Jaideep Iyer<\/strong><\/p>\n

No, it should be a little lower. Closer to maybe 15 cents to a dollar.<\/p>\n

Rikin Shah<\/strong><\/p>\n

15 cents to a dollar and that over a period of two, three years. Not immediately in 27.<\/p>\n

Jaideep Iyer<\/strong><\/p>\n

Bulk of it comes in the first 12 to 18 months.<\/p>\n

Rikin Shah<\/strong><\/p>\n

Okay. So 10 cents in 27 another 5 cents back end in 28.<\/p>\n

R Subramaniakumar<\/strong><\/p>\n

That is<\/p>\n

Rikin Shah<\/strong><\/p>\n

A good estimate. Yeah. Right, thanks. This was.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Peran engineer from clsa. Please go ahead.<\/p>\n

Piran Engineer<\/strong><\/p>\n

Yeah. Hi team. Congratulations on the quarter. Most of my questions have been answered, but just to clarify one thing, Jaydeep, you mentioned that NIMS will be stable in 1Q and then improve 2Q onwards.<\/p>\n

R Subramaniakumar<\/strong><\/p>\n

That’s right.<\/p>\n

Piran Engineer<\/strong><\/p>\n

But what will drive the improvement from 2Q if the TD repricing is over? I don’t. Is it just the fact that your rating upgrade will lead to lower wholesale deposit rates? Is that the reason?<\/p>\n

Jaideep Iyer<\/strong><\/p>\n

One mathematical outcome is the sheer amount of capital we will have. Right. So the leverage will go down to four. So that itself will be one. I don’t think there is a material change in spread. There will be some improvement in spread as our credit card slippages come down and therefore standard asset credit card book plus MFI book should become slightly higher percentage than where we are today.<\/p>\n

Piran Engineer<\/strong><\/p>\n

Okay, okay. So spreads will be the same, but the math impact is there of the equity gap. Secondly, on wholesale deposits, can you just give us a sense of how the rates have moved, say since the time the Emirates deal was announced and then even after the Gulf war, I’m assuming it would have gone back up. Can you just give us some sense of where to where have they gone in the last four, five months or six months since you announced?<\/p>\n

Jaideep Iyer<\/strong><\/p>\n

So broadly, I think the transaction has allowed a clear reflection on the pricing on. On the CD front and to some extent the borrowings that we have from interbank borrowing, foreign currency borrowing, etc. On the TD front, I think it’s been more a reflection of liquidity conditions that we’ve seen. March was tight, so it went up. So nothing different materially yet from just because of the transaction. I think that we will expect to see once we have a rating upgrade which obviously will come through ideally immediately post the transaction.<\/p>\n

And we will also look to get an international rating so that we are able to very confidently attract the MNC business in India because that will also be an important segment to open up post the transaction.<\/p>\n

Rikin Shah<\/strong><\/p>\n

So I mean, just to add to Jaydeep’s point, I think there is, you know, increased acceptability of the name within the corporate world as well. So there is increased traction and we’ve added many new NTV clients on wholesale side from a liability perspective. So it is helping and this will further sort of.<\/p>\n

Piran Engineer<\/strong><\/p>\n

Go ahead, I think. Is that also coming at a lower cost? You’re getting a wider range of corporates that’s good to know. Is the deposit also coming at lower cost yet or that will only be in the future.<\/p>\n

R Subramaniakumar<\/strong><\/p>\n

So as said clearly we have not seen the impact of the transaction on the rate so far. And in the future when the bank’s rating goes up from AA to AAA minus expecting that to be impacted.<\/p>\n

Jaideep Iyer<\/strong><\/p>\n

I think there are two things that will happen. One is that as Mr. Kumar said, we’ll have a material rating upgrade. And second, I think we will have a peculiar situation where need for deposits versus supply will be skewed in our favor. So that that will part of it, that hopefully structural part of that will be cyclical for the next nine months.<\/p>\n

Piran Engineer<\/strong><\/p>\n

Understood. And lastly, just a bookkeeping question. What is your mix of savings accounts deposits ticket wise, like how much below 5, how much say 5 to 25 et cetera?<\/p>\n

Jaideep Iyer<\/strong><\/p>\n

I’m not carrying that data<\/p>\n

Piran Engineer<\/strong><\/p>\n

Above 5 any broad if you can share,<\/p>\n

Jaideep Iyer<\/strong><\/p>\n

I think below 5 should be a high single digit percentage, 10% or so<\/p>\n

Piran Engineer<\/strong><\/p>\n

Of star or of total<\/p>\n

Jaideep Iyer<\/strong><\/p>\n

Savings to savings. I thought that was your question.<\/p>\n

Piran Engineer<\/strong><\/p>\n

Yeah, yeah that was my question. So 90% of your SAR deposits are more than 5 lakh tickets size.<\/p>\n

Jaideep Iyer<\/strong><\/p>\n

Just one second,<\/p>\n

Rikin Shah<\/strong><\/p>\n

Sorry.<\/p>\n

Jaideep Iyer<\/strong><\/p>\n

I am being corrected. 33% is below.<\/p>\n

Piran Engineer<\/strong><\/p>\n

Okay, okay, got it, got it. Okay. Yeah, that’s it from my end. Thank you and wish you all the best.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Param Subramanian from Investec. Please go ahead.<\/p>\n

Rikin Shah<\/strong><\/p>\n

Yeah, hi, good afternoon and thanks for taking my question. I just again coming back to the point on nii, right. So our NII is largely flattish quarter on quarter versus you know, about a 15% balance sheet expansion sequentially. So I’m just trying to understand that. I can see on the liabilities, you know, it is sharply led by wholesale and treasury which you’re showing in slide 10. So is it that we’ve raised a lot of short term liabilities which as soon as the equity comes in we will pay this off and you know, basically we’re leveling up the book as quickly as possible is broadly this is how we are going to, you know, operate from here on until the capital is<\/p>\n

Jaideep Iyer<\/strong><\/p>\n

Some amount of optimization is being attempted. Where we are looking to see how we can optimize the balance sheet post capital infusion because the best bang for the buck will be to retire liabilities rather than invest in short term securities. So to some extent we are doing that to the extent it does not conflict with LCR and other gaps that we have to run on our liability book. But otherwise the Reduction in cost of funds or cost of deposits is more a function of the environment, rates and the cut inside that we have taken.<\/p>\n

Rikin Shah<\/strong><\/p>\n

Okay. This wholesale and treasury, this 57000 crore that you’re showing what is a broad tenure of that and this is all callable, right?<\/p>\n

Jaideep Iyer<\/strong><\/p>\n

We will have some amount which is non callable. Also<\/p>\n

R Subramaniakumar<\/strong><\/p>\n

Average<\/p>\n

Jaideep Iyer<\/strong><\/p>\n

Tenor should be in the six month zone.<\/p>\n

Rikin Shah<\/strong><\/p>\n

Six<\/p>\n

Jaideep Iyer<\/strong><\/p>\n

To eight months. Retail would be one and a half years or so or one year plus.<\/p>\n

R Subramaniakumar<\/strong><\/p>\n

Yeah, wholesale would be in the six month<\/p>\n

Jaideep Iyer<\/strong><\/p>\n

Zone. Okay. Yeah. Three to six months. Yeah.<\/p>\n

Rikin Shah<\/strong><\/p>\n

Okay. And, and if I heard you correctly, you said the CD market is already reflecting the say benefits of you know, the new parent. Did you say that?<\/p>\n

Jaideep Iyer<\/strong><\/p>\n

The amount of counterparties that are<\/p>\n

Rikin Shah<\/strong><\/p>\n

Buying our CDs have gone up significantly. So it’s definitely helping us. Okay.<\/p>\n

Jaideep Iyer<\/strong><\/p>\n

Ultimately, ultimately we will, you know, the counterparties will also expect the final rating outcome for them to kind of, you know, ultimately reflect it fully. So that’s a matter of you know, whatever few weeks or months or whatever.<\/p>\n

R Subramaniakumar<\/strong><\/p>\n

Yeah.<\/p>\n

Param Subramanian<\/strong><\/p>\n

Okay. What is the broad benefit you’ve seen in the CD say dates versus before<\/p>\n

R Subramaniakumar<\/strong><\/p>\n

Much of it. We are not a very big player in the city market. Whatever is required to be raised for it, we are able to raise it then and now. Also future will decide about after the transaction is put through.<\/p>\n

Jaideep Iyer<\/strong><\/p>\n

Currently it’s more counterparties. Number of counterparties that could buy.<\/p>\n

Rikin Shah<\/strong><\/p>\n

Yeah, fair enough, fair enough. If you could talk about what is a broad say yield on your wholesale book versus your retail book. In your retail you’re given segment wise but say broad yield differential between wholesale and retail because clearly wholesale is becoming a segment of focus.<\/p>\n

Jaideep Iyer<\/strong><\/p>\n

So approximately 8% yield on wholesale. But that will include component of foreign currency. If I strip out that, it should be closer to eight and a half.<\/p>\n

R Subramaniakumar<\/strong><\/p>\n

8.3,<\/p>\n

Rikin Shah<\/strong><\/p>\n

8.3 on wholesale versus how much blended?<\/p>\n

Jaideep Iyer<\/strong><\/p>\n

Blended including cards and MFI.<\/p>\n

Rikin Shah<\/strong><\/p>\n

Yeah, yeah. Or if you could separate,<\/p>\n

Jaideep Iyer<\/strong><\/p>\n

That’s about 14.9% blended retail,<\/p>\n

Rikin Shah<\/strong><\/p>\n

Including card.<\/p>\n

Jaideep Iyer<\/strong><\/p>\n

That’s right. For the quarter four.<\/p>\n

Rikin Shah<\/strong><\/p>\n

Okay, okay, fair enough. And, and in the retail I can see that, you know, there is this other component that has gone up sharply this quarter. What exactly is that? Because<\/p>\n

Jaideep Iyer<\/strong><\/p>\n

Priority sector related IBPC that we did in words. Okay. Aggregate portfolio, that was approximately 2,500 crores.<\/p>\n

Rikin Shah<\/strong><\/p>\n

Okay, 2500. Yeah. Okay. Okay. And lastly, so there are a few say openings within the bank where we have say interim positions, the cfo, CRO and you know, if you could talk about say what are the open positions, what are the hirings that are pending and that that we could look forward to in terms of say management management additions incrementally<\/p>\n

R Subramaniakumar<\/strong><\/p>\n

Concern. We have been doing the returning right from the March 2025 itself and it is almost every position has been filled up here also the interims co because of that transition point we have already shortlisted the candidates. We’re waiting for the people to join. If you. If you ask me that we don’t have an vacancy in majority of the CXO positions excepting for the CFO who will be joining us shortly.<\/p>\n

Rikin Shah<\/strong><\/p>\n

Okay. CFO there is an interim CRO as well. Right. So okay.<\/p>\n

R Subramaniakumar<\/strong><\/p>\n

The previous CRO is continuing. The CRO who was there in the role is continuing. Any super animate there will be a change.<\/p>\n

Rikin Shah<\/strong><\/p>\n

Okay. Okay. Fair enough. Yeah. Thank you so much. Yeah, thank you so much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Jayant Karote from Access Capital. Please go ahead.<\/p>\n

Rikin Shah<\/strong><\/p>\n

So just one question on the new branches that are opening in Kerala. How is the traction? What are the early signs and any number that you could guide your target for deposit mobilization there?<\/p>\n

R Subramaniakumar<\/strong><\/p>\n

I’ll tell you the first day deposit what normally is quite encouraging and since we have opened all the branches the liabilities as well as assets we saw some quite a good traction in respect to the gold loan and some of the secured products like housing loan and LAP loan. We saw it on the day one in maybe around six to seven branches out of 13 branches we opened and liability franchises. Yes, definitely it’s picking up because of the corridor which is just known to them and it is too early to comment about how it is done so far.<\/p>\n

Our belief and the prediction is that it is it will definitely scale much faster than what we have seen it in other jobs.<\/p>\n

Param Subramanian<\/strong><\/p>\n

Thank you sir.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Saurav Patwa from Quest Investment Managers. Please go ahead.<\/p>\n

Rikin Shah<\/strong><\/p>\n

Good afternoon sir. Thanks for the opportunity. Hope I’m audible<\/p>\n

Operator<\/strong><\/p>\n

Sir, maybe request you to kindly use your handset please.<\/p>\n

Rikin Shah<\/strong><\/p>\n

I hope this is better now.<\/p>\n

Operator<\/strong><\/p>\n

Yes sir, please continue.<\/p>\n

Rikin Shah<\/strong><\/p>\n

I think you just highlighted in the previous question also that you are a lot of senior management positions have already<\/p>\n

Kunal Shah<\/strong><\/p>\n

Filled in last money.<\/p>\n

Rikin Shah<\/strong><\/p>\n

But given the kind of<\/p>\n

Kunal Shah<\/strong><\/p>\n

Business profile change would you be also starting<\/p>\n

Rikin Shah<\/strong><\/p>\n

To change Change several regional level and several business level or or middle. Middle management level changes. And how’s the process for that ongoing because your risk profile is reducing materially. So your asset, the kind of asset which you would be wanting to build will require maybe maybe require a different set of teams. So just wanted your thoughts on that sir.<\/p>\n

R Subramaniakumar<\/strong><\/p>\n

If if you just look at it, our asset building itself is started two years before. So when we wanted to. We have invested heavily during that period itself. The new asset managers with a clear view of scaling the business to the extent what you have been what we intend to and you have been seeing it last 4, 5, 6\/4 the country continuously they grow around 30, 35%. As well as that is concerned in respect to the other middle management. It is a question of only routine business as usual. Wherever we feel that when an expansion takes place there will be a new induction and respect to the managers.<\/p>\n

We have a. We. We call it as a direct manager recruitment through our Money Nepal University Training Institute which we continue to do as a routine manner. Now as we expand the branches there will always be induction of the managers seniors as well as up to that two levels up. Because the geography expansion needs some new phases also. Right?<\/p>\n

Rikin Shah<\/strong><\/p>\n

And our<\/p>\n

R Subramaniakumar<\/strong><\/p>\n

First preference is that identify the people with the capabilities and caliber within the organization which we have been supporting it. We saw them as one who understand that would gel well with the culture of the bank. And as well as who understand the bank fairly well. And their productivity is normally used to be good. Wherever those opportunities are available. They. They are being considered as well.<\/p>\n

Rikin Shah<\/strong><\/p>\n

Okay, the second question was in. In terms of you in the beginning of the one of the questions you call you highlighted about the cross border opportunity with our with regaining the funding from ENBD and they being the promoters how large opportunity can be and have you already started to create some building some capabilities there as well?<\/p>\n

R Subramaniakumar<\/strong><\/p>\n

We have a fairly strong technology capability which is handling of a cross border transactions even today. And it is a question of extending the pipe to that of some more maybe a single hop or double hop opportunities available. We are exploring all those things and these things we’ll be able to do it once our transactions put through. There’s opportunities available. This opportunity is pretty high. You know that 135 billion monthly remittance is coming from that particular corridor. And out of this 23 to 25% is coming from this particular bank.<\/p>\n

So that is an opportunity on which we are looking at.<\/p>\n

Rikin Shah<\/strong><\/p>\n

Right. But will you also need to create some branch network related to that in India or are current activities are reasonably strong at least for to begin with<\/p>\n

R Subramaniakumar<\/strong><\/p>\n

We have ideally already identified told earlier also that we are in the process of identifying the growth opportunity locations. We have already identified 200 locations for growth in this year. If not 200, maybe around 150 to 200 branches we’ll be able to open this year. Last year we opened around 52 out of which 23 was open in the last quarter itself. And the next quarter we intend to open a similar number and similar numbers and we’ll continue to maintain that trend for the next four, five, six quarters as well.<\/p>\n

Rikin Shah<\/strong><\/p>\n

Great, sir, great. So thanks a lot. Thanks for your detailed answer, sir and all the best for the coming quarters and years. Thank<\/p>\n

R Subramaniakumar<\/strong><\/p>\n

You. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Pritesh from Dam Capital Advisors. Please go ahead.<\/p>\n

Param Subramanian<\/strong><\/p>\n

Hi, good evening and Congress on a great quarter. Just two, three questions. One is on the LCR, what will be the average this quarter?<\/p>\n

R Subramaniakumar<\/strong><\/p>\n

130. 130.<\/p>\n

Param Subramanian<\/strong><\/p>\n

130. And from April 1st there was change in the LCR regulations. So any benefit or any decline on LCR we can see<\/p>\n

Jaideep Iyer<\/strong><\/p>\n

Like to like we should have a 2 to 3% benefit.<\/p>\n

Param Subramanian<\/strong><\/p>\n

Okay, 2 to 3%. Okay, fair. And the second question was on the prime lab interest rate. Though the sourcing yield is quite steady, the interest rate is gone down sharply after many quarters I think. So anything to read into that?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hi, this is Kumar Ashish, I manage the retail assets. If you see on the prime Lab the sourcing yield we’ve been able to sustain quarter on quarter. The portfolio yield however is actually sort of being adjusted given the repo rate that has been dropping since February 25th. So you know, since now we have seen about 125 basis points dropping from 6.5 to now 5.25. We’ve been at least able to sustain our portfolio yield within 80 to 90 basis points drop. But at least from a sourcing point of view, we are trying to make sure that we do a calibrated disbursement both for risk as well as pricing and therefore we don’t see even going forward this to be moderating.<\/p>\n

Param Subramanian<\/strong><\/p>\n

So it’s more function of a repo rate or the repricing happening from a rate cut point of view<\/p>\n

Jaideep Iyer<\/strong><\/p>\n

On the existing portfolio. That’s how it will happen. Yeah.<\/p>\n

Param Subramanian<\/strong><\/p>\n

And lastly on the MFI ticket size on disbursement it has been moving up. Now it’s almost 32% up year on year. Also the, you know, portfolio outstanding also is going up. How do you see from here on? How do we, you know, because seems to be that the ticket size is one of the highest in the industry right now for us.<\/p>\n

R Subramaniakumar<\/strong><\/p>\n

Although it is not highest. It’s nothing but the natural that this ticket size bound to go up because of the restriction to the number of lenders. As for the damping guard rates and amount is also capped when the combinations of the number lenders restrictions and amount restriction. Naturally only three or four has to give it instead of having five people who are distributing it. It is bound to go up and in our view that it is more or less it is reaching that point where it may not drastically move up, it may marginally move up a little bit.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So just to add, as you are aware, MFIN specifically guides the number of loans that any borrower can take. And for across the industry the number of sort of outstanding loans, old ones with more than three, has dropped to less than 6%. I’m giving you the industry numbers too. And therefore it’s like the MD said, it’s a natural thing that people are actually looking at higher ticket sizes from the MFIs that all the banks that they have business with. The other thing in context for us is that we’ve also been focusing more on renewal of our existing good borrowers.<\/p>\n

In fact, that also ensures that our ticket sizes go up in the second cycle and the third cycle, so on and so forth.<\/p>\n

Jaideep Iyer<\/strong><\/p>\n

They are still nowhere close to highest in the industry.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Not at all. Yeah, not at all.<\/p>\n

Param Subramanian<\/strong><\/p>\n

Right. I was just trying to get a sense that assuming that the guardrails are still there for many more quarters to come, do we see the ticket size still moving up or we will see that there is opportunity to add new customers as the asset quality at least now has improved across the industry.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

I would think that, you know, we’ll have to keep in context of the overall loan cap also to a MFI borrower which is kept in any case at 2 lakhs and therefore, you know, I don’t think we are to going to see a significant spike from where all assuming that we know people on an average will have loans with let’s say one or two. Right. And therefore this sort of perhaps can move by another 5%, 10%. That’s the range I would see.<\/p>\n

Param Subramanian<\/strong><\/p>\n

Sure. And lastly from this crisis which has happened and for our lending businesses, any early assessment or anything we have noticed or are going to see or is it like on our, you know, on a platter to just to see of what can be the impact?<\/p>\n

Jaideep Iyer<\/strong><\/p>\n

No, so I, I think Mr. Kumar mentioned that in his opening remarks. So far we have not seen any impact at all both on the wholesale and retail portfolio. We monitor this very, very closely in terms of any cash flow issues on borrowers on wholesale, any bounce rate going up on retail. So far we haven’t seen anything. Having said that, it is still early days because the real impact might come over some time though. I guess again, the other important thing is we’ve been fairly risk averse on wholesale for now pretty much over the last five years.<\/p>\n

And similarly on the retail front post September 21, we’ve had a very different underwriting standards and as a result of which we’ve seen hardly any slippages or hardly any credit costs coming through on the secured retail front. So given the nature of that underwriting, I would be surprised if there is any material impact. But we’ll have to see how this goes because it depends on many, many factors.<\/p>\n

Param Subramanian<\/strong><\/p>\n

Got it. Thank you so much and all the best.<\/p>\n

Jaideep Iyer<\/strong><\/p>\n

Thank you. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. This will be the last question for today which is from the line of Praveen Agarwal, an individual investor. Please go ahead. Yes, Mr. Agarwal, please go ahead. I’m sorry sir, you’re not audible. As there is no response, we now conclude the Q and A session. If you have any further questions, please contact RBL Bank Limited via email@irblbank.com I repeat, irblbank.com thank you members of the management. On behalf of RBL Bank Limited, we thank you for joining us. And you may now disconnect your lines.<\/p>\n

Thank you.<\/p>\n

Kunal Shah<\/strong><\/p>\n

Thank you very much. Thanks.<\/p>\n

Operator<\/strong><\/p>\n

Thank you, sir.<\/p>\n","protected":false},"excerpt":{"rendered":"

Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon. RBL Bank Ltd (NSE: RBLBANK) Q4 2026 Earnings Call dated Apr. 25, 2026 Corporate Participants: R Subramaniakumar \u2014 Managing Director and Chief Executive Officer Jaideep Iyer \u2014 Head of Strategy Bikram Yadav \u2014 Head of […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,10089],"class_list":["post-181882","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":118058,"url":"https:\/\/alphastreet.com\/india\/rbl-bank-ltd-rblbank-q4-fy21-earnings-concall\/","url_meta":{"origin":181882,"position":0},"title":"RBL Bank Ltd (RBLBANK) Q4 FY21 Earnings Concall","author":"Sahil Anand","date":"May 4, 2021","format":false,"excerpt":"RBL Bank Ltd (NSE:RBLBANK) Q4 FY21 Earnings Concall dated May 04, 2021","rel":"","context":"In "Earnings"","block_context":{"text":"Earnings","link":"https:\/\/alphastreet.com\/india\/category\/earnings\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/06\/RBL-Bank-Ltd-Q4-2021-Earnings-Call.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/06\/RBL-Bank-Ltd-Q4-2021-Earnings-Call.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/06\/RBL-Bank-Ltd-Q4-2021-Earnings-Call.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/06\/RBL-Bank-Ltd-Q4-2021-Earnings-Call.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/06\/RBL-Bank-Ltd-Q4-2021-Earnings-Call.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/06\/RBL-Bank-Ltd-Q4-2021-Earnings-Call.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":129509,"url":"https:\/\/alphastreet.com\/india\/rbl-bank-ltd-q4-fy22-earnings-conference-call-insights\/","url_meta":{"origin":181882,"position":1},"title":"RBL Bank Ltd Q4 FY22 Earnings Conference Call Insights","author":"Praveen","date":"May 13, 2022","format":false,"excerpt":"https:\/\/youtu.be\/CiadgjlIqRo Key highlights from RBL Bank Ltd (RBLBANK) Q4 FY22 Earnings Concall Management Update: RBLBANK said its profitability has been better again in 4Q22, and added that it expects it to improve further in the coming quarters as its interest-earning assets increase, and the composition of retail grows up. 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