RBLBANK Q2 FY27 Guidance vs Delivery (RBLBANK Management Mirror)

Q2 FY27 NIM Reported at 4.61%, Meeting the 40-50 bps Expansion Guided in Jun'26 Qtr

In Q2 FY27, the bank reported a Net Interest Margin (NIM) of 4.61%, representing an expansion of 48 bps sequentially. This delivered the base-effect improvement of up to 40 to 50 bps guided in the Jun'26 Qtr concall, which anticipated margin expansion driven by the full-quarter effect of the earlier equity infusion. Looking past Sep'26 Qtr, management expects blended average NIM to soften slightly in Q3 FY27 due to the full-quarter impact of lower-yielding FCNR leverage and excess liquidity parked in investments. Margins are then expected to potentially inch up in Q4 FY27, benefiting from the transmission of repo rate hikes on a 90-day reset cycle, progressive deployment from non-SLR investments into higher-yielding wholesale advances, and ongoing rationalization of retail deposit rates.