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Yes Bank Net Profit Tanks 91% In Q1 On Higher Provisions

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YES Bank, on Wednesday, reported a 91 percent decline in its June quarter profit to Rs 113.80 crore when compared to the same period a year ago, on the back of higher provisions. In June 2018, it posted a profit of Rs 1,260.36 crore.

Yes Bank Net Profit Tanks 91% In Q1 On Higher Provisions
 

The private lender's total provisions were three-times higher in the first quarter of the FY20 at Rs 1,784.1 crore when compared to Rs 625.70 crore a year ago. In March 2019 ended quarter, provisions made were Rs 3,661.70 crore.

The bank's net interest margin fell to 2.8 percent as against 3.1 percent in the March quarter and 3.3 percent in June 2018. However, in terms of value it increased to Rs 2,280.84 crore from Rs 2,219.14 crore a year ago.

Gross non-performing assets rose during the quarter under review to 5.01 percent from 3.22 percent in the March quarter and 1.31 percent in the first quarter of FY19.

Yes Bank said that its provision included one-off impact of Rs 1,109 crore of its investment MTM provision that were led by rating downgrades of investments in companies of two financial services groups.

"This was a 'quarter of consolidation' in which the bank has demonstrated strong resilience in revenues and asset quality. We believe that earnings trajectory should strengthen significantly from hereon. The Bank continues to reinforce its Digital leadership and continues to win marquee mandates on the back of it," the bank said.

Shares of Yes Bank closed 5.25 percent lower at Rs 98.45 apiece.

Read more about: yes bank q1
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