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ICICI Securities Report
ICICI Securities has maintained 'Buy' rating of RBL Bank Ltd. with a target price of Rs 415, implying an upside potential of 36% from the current market price of Rs 306.
The brokerage believes RBL offers attractive risk rewards with strong upside but limited downside due to impending open offer.
Capital infusion by Emirates NBD has not been incorporated as approvals are pending. Book value is expected to remain around Rs 290/share since the infusion is priced at Rs 280/share.
Post consummation, a substantial rise in net worth, CET1, technology capabilities, and distribution is anticipated, positioning the bank for accelerated growth.
Pro forma RoA is projected to exceed 1.5% structurally, while RoE may stay in single digits due to low leverage.
Near-term improvement in NIM/RoA and revival in MFI and credit card growth is expected.
Downside protection is provided by the Rs 280 open offer; key risk remains any delay in deal closure.
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