E-Paper
Yes Bank’s loss rises to ₹3,788 crore in March quarter
The bank reported a net loss of ₹3,688 crore a year ago and a net profit of ₹151 crore last quarter.
Private sector lender Yes Bank on Friday reported a higher-than-expected loss of ₹3,788 crore at the end of the March quarter for 2020-21 because of higher provisions.
The bank reported a net loss of ₹3,688 crore a year ago and a net profit of ₹151 crore last quarter.
Yes Bank made accelerated provision of ₹5,240 crore at the end of the March quarter compared to ₹4,872 crore a year ago and ₹2,199 in the previous quarter. Gross non-performing assets as a percentage of total loans stood at 15.4% at the end of the March quarter compared to 15.3% in the previous quarter. The bank added bad loans of ₹11,889 crore during the quarter under review.
Much of the slippages came from the corporate book and sectors affected by Covid-19, managing director and chief executive officer Prashant Kumar told the media.
“We believe that asset quality and bad loan recognition have peaked. We expect less than ₹5,000 crore of slippages in the next fiscal. We made accelerated provisioning this quarter so that next year earnings won’t be impacted from previous books,” Kumar said.
