Yes Bank's stock fell more than 13% in Monday's trading session after the private sector lender announced a widening of losses in the quarter ended March 2021.
YES Bank, a private sector lender, posted a net loss of Rs 3,787.75 crore for the quarter ended March 31, 2021, due to a decrease in net interest income and an increase in provisions.
The AT-1 bond write-off resulted in a net profit of Rs 2,628.61 crores in the fourth quarter of 2019-20. It would have posted a net loss of Rs 3,668.33 crores for the January to March 2020 quarter if not for this buffer.
The bank set aside Rs 5,239.6 crore in provisions to cover bad loans during the quarter, resulting in a significant loss.
Accounts that were not listed as NPA in the third quarter due to a Supreme Court order accounted for nearly Rs 8,200 crore of gross slippages in Q4.
YES Bank's net interest income fell 22.5 percent to 987 crore in the January to March 2021 quarter, compared to 1,274 crore in the same stretch last year.
In July 2020, the bank raised Rs 15,000 crore in a follow-on public offering, and it has board approval to raise another Rs 10,000 crore.
Shares of the Yes bank were seen trading at Rs 13.90, down 4.47% on NSE at 11.01 am IST. It touched an intra-day low of Rs 12.85. The stock closed previously at Rs 14.55. Yes Bank will hit 52-week low if it touches Rs 11.10