RBL Bank (RBL) has reported healthy Q2FY24 earnings with PAT at INR 2.94bn (1.0% RoA), driven by strong growth and operating leverage, while net NPAs reduced sharply to 78bps. The bank has utilised the one-off tax provisions reversals (INR 2.98bn) towards contingent buffer and improving PCR. Better-than-expected ramp-up in newer business and improved execution drive our more constructive stance on its vision FY26.