RBL Bank Q4 profit rises 37%; lender targets 20% credit growth in FY24

RBL Bank has posted a 37% YoY increase in Q4 FY23 net profit, reaching INR271cr ($36m), driven by lower provisions. The company had posted a loss of INR75cr in the year-ago period. The CEO attributed the limited growth to the recognition of a partial loan restructure the previous year. The bank also reported a gross non-performing asset ratio improvement of 3.37% compared to 4.40% a year ago. The lender has set a target of 20% growth in overall advances for FY24, with a 22% rise in retail advances. Secured advances will account for bulk of the growth in advances.

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