INSUBCONTINENT EXCLUSIVE:
Shares of YES Bank may tumble by as much as 10 per cent on Tuesday after the lender reported its first ever quarterly loss for the three
The loss was amplified by provisions against bad loans to an infrastructure conglomerate and an airline as the lender's first non-founder
chief executive Ravneet Gill began a clean-up act.
The bank posted a loss of Rs 1,507 crore in the March quarter compared to profit of Rs
1,180 crore a year earlier
The bank made total non-tax provisions of Rs 3,662 crore, more than nine times the Rs 400 crore reported a year earlier and nearly seven
times the Rs 550 crore reported in December 2018, even as gross NPAs rose to 3.22 per cent of loans from 2.10 per cent in December.
The
rating downgrades of Anil Ambani group companies by various agencies may also weigh on the stock as the bank has exposure to the group, said
indicates that some investors may have got wind of the weak result to come
the last two weeks in a market which is hitting new highs which means that insiders knew that this was on the cards
Gill, to granularise the asset/liability business, uncompromising focus on regulatory compliance/governance and strengthening the risk
