RBL Bank shares hit 52-week high post Q2 business update

Shares of RBL Bank Ltd hit their 52-week high after the private sector lender announced its Q2 business updates. RBL Bank stock gained 2.80% to a yearly high of Rs 249.40 against the previous close of Rs 249.40 on BSE.  However, RBL Bank stock saw profit-booking and was trading 2.5% lower at Rs 241.70 in the afternoon session.              

Market cap of the bank fell to Rs 14,634 crore on BSE.  

Total 16.43 lakh shares of the firm changed hands amounting to a turnover of Rs 40.59 crore. Market cap of the bank fell to Rs 14,634 crore in the afternoon session. The stock has a beta of 1.8, indicating high volatility in a year.   

In terms of technicals, the relative strength index (RSI) of RBL Bank stands at 61.5, signaling it's neither trading in the overbought nor in the oversold territory. RBL Bank shares are trading higher than the 10 day, 50 day, 100 day, 150 day and 200 day moving averages.            

 The lender logged a 13 percent rise in deposits to Rs 89,774 crore on a year-on-year (YoY) basis. The lender reported total deposits at Rs 89,774 crore for the quarter ended September FY24, up 13 percent YoY and 5 percent QoQ, while gross advances rose 21 percent YoY & 5 percent QoQ to Rs 78,186 crore, respectively. 

CASA for the September quarter rose 12 percent YoY & 0.5 percent QoQ to Rs 32,075 crore. Retail advances grew 34 percent YoY and 8 percent sequentially, while wholesale advances grew 7 percent YoY and were flat sequentially for the quarter ended September 30, 2023. 

The private sector lender reported a 43.2 per cent rise in net profit to Rs 288 crore for the first quarter ended June 2023, helped by lower provisions and higher interest income. Profit after Tax (PAT) also rose by 30 per cent on a quarter-on-quarter basis.  

Operating profit climbed 22 per cent year-on-year and 9 per cent quarter-on-quarter to Rs 647 crore. The Mumbai-headquartered bank's total revenue increased 18 per cent year-on-year and 2 per cent quarter-on-quarter to Rs 1,932 crore. 

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