Credit Rating- Revision

June 25, 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 Subject: 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 ICRA Limited on June 25, 2026, inter alia covering rationale and key rating drivers for the rating action for the below mentioned instruments of the Bank: Instrument Rated amount Rating Action (Rs. crore) [ICRA]AAA;upgraded from [ICRA]AA-, Basel III Tier II bonds 70.00 removed from Rating Watch with Positive Implications and Stable outlook assigned [ICRA]AAA;upgraded from [ICRA]AA-, Fixed deposit - removed from Rating Watch with Positive Implications and Stable outlook assigned Short-term fixed deposit - [ICRA]A1+; reaffirmed Certificates of deposit 10,000.00 [ICRA]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 June 25, 2026 RBL Bank Limited: Long-term rating upgraded to [ICRA]AAA, removed from Watch with Positive Implications and Stable outlook assigned; short-term rating reaffirmed Summary of rating action Previous rated Current rated Instrument* amount amount Rating action (Rs. crore) (Rs. crore) [ICRA]AAA; upgraded from [ICRA]AA-, removed Basel III Tier II bonds 70.00 70.00 from Rating Watch with Positive Implications and Stable outlook assigned [ICRA]AAA; upgraded from [ICRA]AA-, removed Fixed deposit - - from Rating Watch with Positive Implications and Stable outlook assigned Short-term fixed deposit - - [ICRA]A1+; reaffirmed Certificates of deposit 10,000.00 10,000.00 [ICRA]A1+; reaffirmed Total 10,070.00 10,070.00 *Instrument details are provided in Annexure II Rationale The rating upgrade factors in the change in RBL Bank Limited’s (RBL) shareholding following the acquisition of a controlling stake by its new promoter – Emirates NBD PJSC (ENBD; rated A1 by Moody’s) – through a preferential allotment involving an investment of ~Rs. 26,016 crore. In addition, ENBD India’s branches are likely to be merged (to ensure compliance with Reserve Bank of India (RBI) regulations) with the bank in the next few months, subject to requisite approvals. Accordingly, RBL’s capital profile and liquidity have improved considerably, enhancing its financial flexibility and providing healthy buffer for growth. With the capital infusion, the bank’s pro forma (adding fresh infusion to capital and considering risk-weighted assets as on March 31, 2026) CET I and capital-to-risk weighted assets ratio (CRAR) would improve to ~34%1 and ~35%1, respectively, from 12.77% and 14.25%, respectively, as on March 31, 2026. Moreover, the association with ENBD is expected to provide RBL with capital support if needed, improved financial flexibility, and operational and technological synergies. The bank is also likely to benefit from strategic guidance and reputational advantages arising from its integration with a well-established international banking group. The ratings continue to factor in the healthy growth in advances and the deposit base along with the progressive granularisation of the bank’s asset and liability profile over the past few years. However, the earnings profile has remained constrained by elevated credit provisions and high operating expenses, resulting in suboptimal operating profitability. The higher credit costs were due to increased slippages in the unsecured retail portfolio – primarily credit cards and microfinance – which, in turn, moderated the return metrics in FY2025 and FY2026. ICRA expects RBL to benefit from the recent equity infusion and likely reduction in cost of funding, thereby leading to an improvement in its net interest margins (NIMs) and return on assets (RoA). Nevertheless, its ability to improve its liability profile and achieve a sustained reduction in the cost of funds will be a long-term driver of profitability. RBL’s operational efficiency is also expected to improve as it scales up further and explores different revenue streams. Additionally, the anticipated reduction in credit costs would support its overall profitability. However, this would depend on the bank’s ability to operate in better customer profile and asset segments in the medium-to-long term. 1 Basis March 2026 financials www.icra .in 1 Sensitivity Label : Public Page | The Stable outlook reflects ICRA’s expectation that RBL’s credit profile will continue to benefit from ENBD’s parentage and it will maintain strong capitalisation and solvency while scaling up its operations and profitability remaining above the negative triggers. Key rating drivers and their description Credit strengths Strong parentage with ENBD getting onboarded as largest shareholder – RBL’s credit profile is expected to materially benefit from the strong parentage of ENBD, following its capital infusion of ~Rs. 26,016 crore and the acquisition of a controlling stake (~60%) in the bank. Thus, RBL is now classified as a foreign bank subsidiary with ENBD classified as the promoter. As per RBI approval, ENBD will be required to maintain a stake of at least 51% and have the right to appoint majority of directors on the board of the bank. Consequently, it nominated its key management personnel (KMP) to the board which together with the current MD & CEO and ED of the bank give it a majority representation on the board. Also, ENBD’s established global franchise and strong capital base are expected to enhance RBL’s financial flexibility, funding profile, and overall stability. The association is expected to facilitate access to diversified and relatively lower-cost funding sources. Headquartered in Dubai, Emirates NBD Bank is one of the largest banking groups in the Middle East and the second largest bank in the United Arab Emirates (UAE; in terms of assets) with total assets of $331 billion as of March 2026. It was formed in 2007 through the merger of Emirates Bank International (Emirates) and the National Bank of Dubai (NBD) and is majority owned by the Investment Corporation of Dubai (principal investment arm of the Government of Dubai), reflecting strong sovereign linkage. The Group has a diversified business model spanning retail, corporate, Islamic, private and investment banking, supported by a strong domestic franchise and growing international presence across multiple geographies including the Middle East, Europe and Asia. Strong capital position – RBL’s capitalisation position remained strong with the CET I and CRAR at 12.77% and 14.25%, respectively, as on March 31, 2026 (14.06% and 15.54%, respectively, as on March 31, 2025). ENBD’s capital infusion has materially boosted the capitalisation profile with pro forma CET I and CRAR at ~34% and ~35%, respectively, enhancing the bank’s ability to support business growth. Prior to this, RBL had also demonstrated its fundraising ability with the equity capital raise of Rs. 1,566 crore in FY2021 and Rs. 2,701 crore in FY2020 despite the weak profitability/losses during these periods. Furthermor [Showing first 8,000 characters — download PDF for full document]