Credit Rating

September 11, 2026 BSE Limited National Stock Exchange of India Limited 1st Floor, Phiroze Jeejeebhoy Towers, 'Exchange Plaza', C-1 Block G, Dalal Street, Bandra Kurla Complex, Bandra (E), Mumbai – 400001. Mumbai – 400051. Scrip Code: 540065 Scrip Symbol: RBLBANK Sub: Intimation under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”) Dear Sir/Madam, Pursuant to Regulation 30 and other applicable provisions of the SEBI Listing Regulations, this is to inform you that CareEdge Global IFSC Limited (“CareEdge Global Ratings”) has assigned a ‘CareEdge BBB+/Stable’ long-term foreign currency rating to RBL Bank Limited’s (RBL) USD 350 million foreign currency notes. CareEdge Global Ratings has also reaffirmed RBL's long-term foreign currency issuer rating and USD 1 billion Euro Medium-Term Notes (EMTN) programme at ‘CareEdge BBB+/Stable’. Credit Rating Agency Instrument/Facility Rating Type CareEdge Global IFSC USD 1 billion Euro Medium-Term Notes^ CareEdge BBB+/Stable Limited (“CareEdge Global USD 350 million foreign currency notes* CareEdge BBB+/Stable Ratings”) Long-term foreign currency issuer rating CareEdge BBB+/Stable ^Assuming the notes issued under the programme would be senior and rank pari passu with the issuer’s other senior debt obligations. Facility-specific rating would be evaluated based on the instrument features once finalised closer to issuance. *Carved out of the above rated notes programme The said rationale was published by CareEdge Global IFSC Limited on their website i.e. https://www.careedgeglobal.com. Further, in compliance with Regulation 46(2) of SEBI Listing Regulations, the information is being hosted on the Bank’s Website at www.rbl.bank.in. Kindly take the same on record. Thanking you. Yours faithfully, For RBL Bank Limited Niti Arya Company Secretary Encl: www.rbl.bank.in RBL Bank Limited Controlling Office: One World Center, Tower 2B, 6th Floor, 841 Senapati Bapat Marg, Lower Parel, Mumbai - 400 013, Maharashtra, India I Tel:+91 22 43020600 Registered Office: 1st Lane, Shahupuri, Kolhapur - 416001, India I Tel.: +91 231 6650214 CIN: L65191PN1943PLC007308 . E-mail: customercare@rbl.bank.in Rating Rationale September 11, 2026 ‘CareEdge BBB+/Stable’ rating assigned to foreign currency notes of RBL Bank Limited USD 1 billion euro medium-term notes^ CareEdge BBB+/Stable USD 350 million foreign currency notes* CareEdge BBB+/Stable Long-term foreign currency issuer rating CareEdge BBB+/Stable ^Assuming the notes issued under the programme would be senior and rank pari passu with the issuer’s other senior debt obligations. Facility-specific rating would be evaluated based on the instrument features once finalised closer to issuance. *Carved out of the above rated notes programme CareEdge Global Ratings has assigned a ‘CareEdge BBB+/Stable’ long-term foreign currency rating to RBL Bank Limited’s (RBL) USD 350 million foreign currency notes. CareEdge Global Ratings has also reaffirmed RBL's long-term foreign currency issuer rating and USD 1 billion Euro Medium-Term Notes (EMTN) programme at ‘CareEdge BBB+/Stable’. Rating rationale The rating reflects the expected extraordinary support from Emirates NBD Bank P.J.S.C. (ENBD), RBL’s promoter and 60% shareholder, given RBL’s strategic importance as ENBD’s principal banking platform in India. ENBD acquired a majority stake in RBL through a primary capital infusion of about Rs 260 billion in June 2026. The transaction materially strengthened RBL’s capitalisation and loss-absorption capacity, while providing significant headroom for measured balance-sheet growth. The support assessment considers ENBD’s majority ownership and promoter status, sizeable financial commitment, representation through five nominee directors on RBL’s board, and management’s stated long-term commitment to India. Over time, RBL is also expected to benefit from ENBD’s financial strength, risk-management and digital capabilities, international network, and business and funding synergies. ENBD’s strong credit profile, in turn, is supported by its systemic importance in the United Arab Emirates (UAE), majority ownership by the Government of Dubai through its investment arm, sound capitalisation, robust liquidity and strong profitability. RBL has become a strategically important subsidiary within ENBD’s regional franchise. The bank provides ENBD with an established Indian banking licence, nationwide distribution, more than 15 million customers and a diversified presence across retail, SME, commercial, and corporate banking. The scale of the investment, board-level oversight, and visible association with the ENBD brand create strong economic and reputational incentives for timely support. Rating Rationale September 11, 2026 However, operational integration is at an early stage and cross-border support is subject to regulatory approvals. RBL’s standalone credit strengths include an increasingly diversified franchise, a granular deposit base, robust liquidity, and substantially strengthened capitalisation. These are balanced by moderate asset quality and modest profitability. Reported non-performing asset (NPA) ratios have improved, but the bank remains exposed to credit-cost volatility from microfinance, credit cards, and other unsecured retail lending. Further, profitability is constrained by elevated operating expenses, credit costs, and margin compression. The pace and quality of capital deployment, performance of new loan vintages, and realisation of ENBD- related synergies are key rating monitorables. Outlook The stable outlook reflects CareEdge Global’s expectation that RBL will remain strategically important to ENBD and will benefit from continued financial, managerial, and operational support. RBL is expected to maintain strong capitalisation while gradually rebalancing its portfolio towards lower-risk asset classes. Asset quality should be under control, although unsecured retail portfolios will continue to drive volatility in credit costs. Rating sensitivity factors Upward factors • Upward revision in ENBD’s credit risk profile, subject to CareEdge Global’s India’s transfer and convertibility assessment • Stronger integration with ENBD, together with a sustained track record of support and stronger brand association Downward factors • Downward revision in ENBD’s credit risk profile, or material dilution in its support philosophy, or a decrease in its shareholding below the majority mark • Significant deterioration in RBL’s capitalisation profile or asset quality on a sustained basis Analytical approach CareEdge Global has assessed RBL’s business and financial risk profile on a consolidated basis. The rating incorporates expected support from ENBD under CareEdge Global’s Group Rating Methodology. Key rating drivers Strengths Strong parentage of ENBD ENBD is the third-largest bank in Gulf Cooperation Council (GCC) by assets (~USD 360 billion as of June 30, 2026). With operations across 13 countries, its diversified franchise spans corporate and institutional banking, retail and wealth management, and international operations. Capitalisation is sound, with capital adequacy ratio (CAR) averaging 16-17% since 2022. The group also benefits from a strong deposit franchise and robust liquidity, with a Rating Rationale September 11, 2026 liquidity coverage ratio (LCR) of 135% in the first half of calendar year 2026. Profitability is strong and supported by diversified income and low credit costs, and non-performing loans (NPL) of 2.1% as of June 30, 2026. ENBD’s credit profile is further strengthened by its systemic importance in Dubai and the UAE, and majority ownership by the Government of Dubai through its investment arm. The Government of Dubai and UAE authorities have a record of supporting ENBD, including capital and liquidity assistance during the global financial crisis. These strengths are partly offset b [Showing first 8,000 characters — download PDF for full document]