RBL Bank Q1 profit dips 47% on higher provisions for Covid-19, other risks

The gross non-performing assets ratio improved to 3.45 per cent as against 3.62% in March, but was higher than 1.38% in the year-ago period

Excess provisions of Rs 460 crore led small sized private sector lender RBL Bank to report a 47 per cent decline in June quarter net profit at Rs 141 crore on Tuesday.

The bank said it set aside Rs 240 crore for Covid-19 related provisions, taking the total money set aside due to possible reverses because of the pandemic to Rs 350 crore.

Apart from it, the bank increased its provision coverage ratio (PCR) by setting aside an additional sum of over Rs 200 crore in March.

The overall provisions came at Rs 500 crore as against Rs 196 crore in the same