Credit Rating- New

June 22, 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 Crisil Ratings Limited (“Crisil Ratings”) on June 22, 2026, inter alia covering rationale and key rating drivers for the rating action for the below mentioned instruments of the Bank: Instrument Amount Rating and Rating Action (Rs. Crore) Fixed Deposits 1,30,000 Crisil AAA/Stable (Assigned) Infrastructure Bonds 1,000 Crisil AAA/Stable (Assigned) Certificate of Deposits 19,000 Crisil A1+ (Assigned) 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 Rating Rationale June 22, 2026 | Mumbai RBL Bank Limited 'Crisil AAA/Stable' assigned to Infrastructure Bonds and Fixed Deposits; ‘Crisil A1+’ assigned to Certificate of Deposits Rating Action Rs.130000 Crore Fixed Deposits Crisil AAA/Stable (Assigned) Rs.1000 Crore Infrastructure Bonds Crisil AAA/Stable (Assigned) Rs.19000 Crore Certificate of Deposits Crisil A1+ (Assigned) Note: None of the Directors on Crisil Ratings Limited’s Board are members of rating committee and thus do not participate in discussion or assignment of any ratings. The Board of Directors also does not discuss any ratings at its meetings. 1 crore = 10 million Refer to Annexure for Details of Instruments & Bank Facilities Detailed Rationale Crisil Ratings has assigned its ‘Crisil AAA/Stable’ rating to Rs 1,000 crore of infrastructure bonds and Rs 1,30,000 crore of fixed deposits of RBL Bank Ltd (RBL). Also, Crisil Ratings has assigned its ‘Crisil A1+’ rating to Rs 19,000 crore of certificate of deposits of the bank. The ratings factor in the expected strong support from, and RBL’s strategic importance to, Emirates NBD Bank (ENBD)―the majority shareholder― on an ongoing basis. The ratings also reflect the bank’s healthy capitalisation, which has materially strengthened after the recent preferential equity infusion by ENBD and the increasing diversity in the bank’s asset profile. ENBD, a leading banking group in the MENAT region (Middle East, North Africa and Türkiye), holds majority economic ownership (~60%) in RBL, corresponding to effective voting rights of ~39%. This scheme of acquisition between ENBD and RBL was announced in October 2025; per the recent announcement on June 18, 2026, ENBD has infused Rs 26,016 crore as capital into the bank. The scheme also entails amalgamation of the existing three branches of ENBD in India into RBL within a year of receipt of approval from the regulator (that is, from April 2, 2026). This will result in a further increase in shareholding of ENBD by ~2.2 percentage points. By virtue of the parentage of ENBD and the high strategic importance of RBL, the former is likely to support the bank on an ongoing basis. The strength of this association can be seen in majority ownership, ENBD being classified as Promoter, plans of brand association, majority board representation, high strategic oversight and other business synergies. This can be further substantiated by the recent equity infusion of Rs 26,016 crore by ENBD, which has significantly enhanced the bank’s capital. On standalone basis, the bank reported tier 1 capital adequacy ratio (CAR) of 12.8%, overall CAR of 14.3% and networth of Rs 16,605[1] crore as on March 31, 2026. Factoring in the preferential infusion by ENBD, the pro-forma networth and overall CAR will be Rs 42,621 crore and 35.3%, respectively. With a track record of over 80 years, RBL is a mid-sized private bank in India offering a comprehensive suite of banking products and services. Gross advances stood at Rs 115,464 crore as on March 31, 2026 (Rs 94,813 crore a year earlier), increasing at a three-year compound annual growth rate (CAGR) of 17.1%. Over the years, the loan book has diversified with wholesale, unsecured retail and secured retail segments accounting for 41%, 24% and 35% of total gross loans, respectively, as on March 31, 2026. Correspondingly, the deposit base, Rs 139,018 crore as on March 31, 2026, has grown steadily at CAGR of 17.9% during the three fiscals through 2026; low-cost current account and savings accounts (CASA) deposits accounted for 33.6% of total deposits as of March 2026. These strengths are partially offset by susceptibility to inherent volatility in the asset quality of the unsecured loan segment and modest earnings, constrained by elevated operating expenses and credit costs. The bank’s gross non-performing assets (GNPAs) were at 1.45% as on March 31, 2026, as against 2.60% a year earlier, and are tangibly lower than non-performing asset (NPA) levels as of March 2022 (4.4%). However, this reduction has been driven by technical write-offs, particularly in microfinance (JLG), credit card and unsecured personal loan portfolios, given the unsecured nature of the portfolio, where asset quality is still a constraint. Higher delinquencies in these portfolios have resulted in overall credit cost remaining elevated. That, and relatively higher operating expenses have constrained the overall earnings profile with return on assets (RoA) remaining at ~0.5% in fiscals 2026 and 2025. [1]As per Crisil Ratings methodology Analytical Approach Crisil Ratings has combined the business and financial risk profiles of RBL and its subsidiary, RBL FinServe Ltd. Thereafter strong support from the majority parent, ENBD has been factored basis its majority shareholding and the bank’s strategic importance. Please refer Annexure - List of Entities Consolidated, which captures the list of entities considered and their analytical treatment of consolidation Key Rating Drivers - Strengths Strategic importance to, and expectation of strong support from, the parent In June 2026, ENBD acquired ~60% stake in RBL through preferential equity infusion of Rs 26,016 crore. This resulted in effective voting power of ~39% (going up to ~41% post the merger of India branches of ENBD) in the eligible voting base in accordance with the Banking Regulation Act, 1949. With the induction of ENBD as promoter, the bank is expected to receive strong strategic, managerial and operational oversight from the parent. ENBD is listed on the Dubai Financial Market and has market capitalisation of ~$ 43 billion. As on December 31, 2025, the total assets of ENBD stood at ~$ 317 billion and net profit for fiscal 2025 was ~$ 6.5 billion. ENBD is majorly (~56%) owned by the government of Dubai via Investment Corporation of Dubai and Dubai Holding Group. RBL’s criticality to ENBD is underpinned by the former’s established presence in the banking sector in India. With ENBD’s existing branches in India is set to be amalgamated with RBL, RBL is now the platform through which ENBD plans to expand its footprint in India. The parent’s growth and expansion strategy over the past decade has been driven by establishing a larger international presence, with international operations cont [Showing first 8,000 characters — download PDF for full document]