Credit Rating- New

July 14, 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 of Credit Rating of facility / instrument of the Bank under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended Dear Sir/Madam, Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, (“SEBI Listing Regulations”), please find enclosed Rating Rationale issued by CARE Ratings Limited on July 14, 2026, inter alia covering rationale and key rating drivers for the rating action for the below mentioned instruments of the Bank: Facilities/Instruments Rated amount Rating and Rating Action (₹ crore) Tier II bonds 800.00 CARE AAA; Stable; Upgraded from CARE AA- and removed from Rating Watch with Positive Implications; Stable outlook assigned Certificate of deposit 6000.00 CARE A1+; Reaffirmed Further, in compliance with the 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: As above 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 Press Release RBL Bank Limited July 14, 2026 Name of the Amount (₹ Facilities/Instruments@ Rating2 Rating Action Regulator1 crore) Upgraded from CARE AA- and removed from Rating Watch with Tier II bonds SEBI 800.00 CARE AAA; Stable Positive Implications; Stable outlook assigned Certificate of deposit RBI 6,000.00 CARE A1+ Reaffirmed @ Details of instruments/facilities in Annexure-1. Tier-II Bonds under Basel III are characterised by a point-of-non-viability (PONV) trigger, due to which investor may suffer a loss of principal. PONV will be determined by the Reserve Bank of India (RBI), and is a point at which, the bank may no longer remain a going concern on its own, unless appropriate measures are taken to revive its operations, and thus enable it to continue as a going concern. In addition, difficulties faced by a bank should be such that these are likely to result in financial losses and raising Common Equity Tier-I capital of the bank should be considered as the most appropriate way to prevent the bank from turning non-viable. Rationale and key rating drivers CARE Ratings Limited (‘CareEdge Ratings’) has upgraded ratings assigned to the long-term instrument of RBL Bank Limited (RB) to “CARE AAA; Stable” while reaffirming ratings assigned to certificate of deposit to “CARE A1+”. While arriving at ratings, CareEdge Ratings has assessed standalone financial and operational performance of RBL, factoring in linkages with promoter and majority shareholder, Emirates NBD PJSC (ENBD). Rating upgrade reflects significant strengthening of RBL Bank’s capitalisation profile following the capital infusion of ~₹26,016 crore by ENBD. As a result, the bank’s net worth increased to ~₹42,000 crore as on June 30, 2026. The upgrade also factors in RBL’s strategic importance within the ENBD group and expectation of continued shareholder support from ENBD. ENBD is the second-largest bank in the United Arab Emirates (UAE), with total assets of US$331 billion as of March 31, 2026, and is majority-owned by the Government of Dubai through its investment arm. Following the capital infusion in June 2026, ENBD became RBL’s promoter, holding an equity stake of ~60% and gaining the right to appoint two-thirds of directors on the bank’s Board. The transaction also envisages the amalgamation of ENBD’s existing Indian operations with RBL Bank, subject to regulatory approvals, which is expected to increase ENBD’s stake to ~62%. ENBD is also expected to drive operational synergies that could improve quality of RBL’s deposit franchise and support incremental business growth. The agency also expects ENBD to provide support to RBL, if required, going forward. Ratings further reflect RBL’s healthy capitalisation profile. As on March 31, 2026, the bank reported a Tier-I capital adequacy ratio (CAR) of 12.77% and an overall CAR of 14.25%. These metrics have been substantially strengthened following ENBD’s capital infusion, resulting in an estimated CAR of ~35.30%, based on the reported risk-weighted assets as of March 31, 2026. The enhanced capital base provides considerable headroom to support future business expansion. Ratings also consider RBL’s steady and consistent growth in advances and deposits. Comfort is derived from the bank’s strategic focus on strengthening its retail portfolio, particularly through accelerated growth in secured retail lending, and the gradual improvement in its deposit profile through a rising share of granular retail deposits. However, CareEdge Ratings noted the bank’s relatively high dependence on bulk deposits and a modest current account savings account (CASA) ratio, which continues to exert pressure on its cost of funds. This dependence is expected to moderate over time, supported by the bank’s strengthened capital position. RBL’s asset mix continues to include a sizeable proportion of unsecured loans, comprising credit cards, personal loans, and microfinance institution (MFI) exposures. These segments are inherently risk- sensitive and have experienced elevated stress levels, as reflected in higher slippages in recent periods. Consequently, profitability remained moderate, impacted by a relatively high cost-to-income ratio and elevated credit costs arising from stress in the unsecured lending portfolio. 1SEBI: Securities and Exchange Board of India; RBI: Reserve Bank of India; MCA: Ministry of Corporate Affairs; IRDAI: Insurance Regulatory and Development Authority of India; PFRDA: Pension Fund Regulatory and Development Authority 2Complete definitions of ratings assigned are available at www.careratings.com and in other CARE Ratings Limited’s publications. 1 CARE Ratings Ltd. Press Release Rating sensitivities: Factors likely to lead to rating actions Positive factors: Factors that could individually or collectively lead to positive rating action/upgrade: Not applicable Negative factors: Factors that could individually or collectively lead to negative rating action/downgrade: • Deterioration in credit profile of the promoter or Dilution in support philosophy / shareholding / management control of ENBD. • Decline in CAR with cushion over the minimum regulatory requirement falling below 3.5%. • Weakening asset quality with net non-performing assets (‘NNPA’) ratio remaining above 3.0% on a sustained basis. Analytical approach: Standalone CareEdge Ratings has considered standalone RBL’s financial and operational performance, while also factoring in linkages and expectation of continued support from its promoter, ENBD considering majority shareholding, promoter status and strategic importance. Outlook: Stable The stable outlook reflects CareEdge Ratings’ expectation that RBL will continue to maintain comfortable capitalisation levels in the near-to-medium term while diversifying its advances in favour of secured retail book and keeping its asset quality under control. Stable outlook also reflects expectation of continued support from its majority shareholder and promoter ENBD. Detailed description of key rating drivers: Key strengths Strong parentage and strategic importance to ENBD ENBD is a Dubai-based bank that provides a range of financial products and services, including personal, private, investment and corporate banking, Islamic banking, asset [Showing first 8,000 characters — download PDF for full document]