Active Stocks
Fri Sep 22 2023 15:58:38
  1. Tata Steel share price
  2. 126.7 -0.86%
  1. HDFC Bank share price
  2. 1,529.2 -1.57%
  1. State Bank Of India share price
  2. 598.1 1.67%
  1. Power Grid Corporation Of India share price
  2. 199.1 -1.34%
  1. Tata Motors share price
  2. 621.1 -0.93%
Business News/ Industry / RBL Bank now among India’s 10 most valuable banks

Mumbai: RBL Bank Ltd, formerly known as Ratnakar Bank, on Monday entered the list of India’s 10 most valuable banks.

With a market capitalisation of Rs22,043.18 crore, the bank has replaced IDFC Bank Ltd in the elite club. IDFC Bank has a market value of Rs20,530 crore, according to Bombay Stock Exchange (BSE) data.

HDFC Bank Ltd, India’s most profitable bank, is the most valuable bank in India with a market cap of Rs3.68 trillion, followed by state-run State Bank of India (Rs2.34 trillion) and ICICI Bank Ltd (Rs1.62 trillion). Kotak Mahindra Bank is No.4, followed by Axis Bank Ltd, IndusInd Bank Ltd, Yes Bank Ltd, Bank of Baroda and Punjab National Bank.

RBL Bank’s stock closed at a fresh record high of Rs587.50 on the BSE, up 5.52% from its previous close.

The bank listed on 31 August at a premium of 33% to its issue price. The Rs1,211 crore initial public offering received a demand for over 69 times the shares on offer. Since then, it has surged over 161.1% and so far this year it has gained 75.22%.

“Given the robust loan growth trajectory and well maintained asset quality coupled with healthy margins, improving cost-income ratio gives a positive outlook for the bank," said Praveen I., research analyst with Cholamandalam Securities.

The bank reported a net profit of Rs128.69 crore in the December quarter, up 58.8% from Rs81.05 crore a year ago. Gross non-performing assets were 1.06% from 1.08% in the same quarter last year. As of December 2016, total advances were Rs26,773 crore, up 46% from a year ago, while deposits surged 44% to Rs30,005 crore. RBL Bank has 215 branches and 374 ATMs across 16 states and Union territories.

Among the analysts covering RBL Bank’s stock, 11 have a “buy" rating and two have a “hold" rating and no one has a “sell" rating, according to Bloomberg data.

IDFC Bank Ltd closed at Rs60.40 on the BSE, unchanged from its previous close, while India’s benchmark Sensex index fell 0.44% to closed at 29,575.74 points.

"Exciting news! Mint is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest financial insights!" Click here!

Catch all the Industry News, Banking News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Updated: 10 Apr 2017, 05:31 PM IST
Next Story
Recommended For You
Switch to the Mint app for fast and personalized news - Get App