RBL Bank posts Rs 459 cr June qtr loss due to one-time provisioning

Private sector lender RBL Bank reported a net loss of Rs 459 crore in the June quarter of FY22 due to one-time higher provisions so as to improve its provision coverage ratio to over 60 per cent. In the year-ago period, it had reported a net profit of Rs 141 crore. The bank has, however, said that next quarter it will return to profitability and will make up for the loss in the reporting quarter in the next nine months of the financial year.

The private lender has also said it is scaling up its internal neo-banking initiative, Project Abacus