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Yes Bank Reports Its First Ever Quarterly Loss

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On Friday, Yes Bank Ltd reported its first-ever quarterly loss at Rs 1,506.64 crore for March 2019 on account of higher provisions and contingencies. In the corresponding quarter the lender posted a net profit of Rs 1,179.44 crore.

Its provisions soared by 9 times to Rs 3,661.70 crore for the fourth quarter of 2018-19 from Rs 399.64 crore a year ago. The bank has classified loans worth Rs 2,442 crore to IL&FS group as non-performing asset (NPA). A Rs 12.89 crore provision was also made for standard accounts of IL&FS group.

Yes Bank Reports Its First Ever Quarterly Loss
 

The lender's net interest income (NII) rose 16.30 percent to Rs 2,506 crore on a year-on-year basis, while net interest margin came in at 3.10 percent.

Its asset quality deteriorated as the percentage of gross NPAs jumped to 3.22 percent in the March-ended quarter over 2.10 percent in the previous quarter. It stood at 1.28 percent in March 2018.

Net NPA also spiked to 1.86 percent over 1.18 percent in December quarter. It was at 0.64 percent in the year-ago period.

Further, the bank's board approved the appointment of Ravinder Kumar Khanna and Shagun Kapur Gogia as additional directors (non-executive, non-independent) with immediate effect.

Yes Bank's shares closed 0.13 percent lower at Rs 237.40 apiece.

Read more about: yes bank
Story first published: Saturday, April 27, 2019, 10:56 [IST]
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