Shares of RBL Bank rallied 5% on 29 December after the company announced that ICICI-Pru AMC and ICICI-Pru Life had received approval from RBI (Reserve Bank of India) to acquire a stake in the bank.

In its regulatory filing on 28 December, the company said that the RBI had given approval to ICICI Prudential Asset Management Company and ICICI-Prudential Life Insurance Company to pick up 9.95% paid-up share capital and voting rights in the bank within a year.

As of 22 December, ICICI-Pru AMC and ICICI-Pru Life hold a 2.08% stake in the bank.

In its quarterly report for July-September, the company reported a 46% year-on-year increase in its net profit to Rs 2.94 crore for the quarter.

The net interest income of the bank saw a 26% YoY growth to Rs 1,474.98 crore during the quarter from Rs 1,064 crore recorded in the same quarter of the previous fiscal year. The net interest margin for the quarter grew to 5.54% from 5.02% reported in Q2FY23.

The CASA (Current Account Savings Account) balance during the quarter grew by 12% YoY to Rs 32,089 crore.

At 12:39 pm, the shares of RBL Bank were trading 4.02% higher at Rs 279.70 on NSE.