INSUBCONTINENT EXCLUSIVE:
Yes Bank's bad loans in the June quarter rose sharply on quarterly basis.
Yes Bank on Wednesday
reported a net profit of Rs 113.76 crore for the April-June quarter, missing analysts' estimates
That marked a fall of 91 per cent compared with its profit of Rs 1,260.36 crore reported for the corresponding quarter a year ago
Analysts had on an average expected the bank to report a profit of Rs 279 crore for the three-month period ended June 30, news agency
Reuters reported citing Refinitiv data
The net profit was impacted on account of higher provisioning for bad loans, the private sector bank said in a stock exchange filing after
quarterly numbers are bad
We had expected the bank to report net profit of Rs 170-180 crore and it is very bad compared to expectations
Asset quality has also worsened and Yes bank shares can witness a bout of correction," Avinash Gorakshakar of Joindre Capital told
TheIndianSubcontinent.The bank's net interest income - the difference between interest earned and interest paid - rose 2.78 per cent to Rs
2,280.84 crore in the first quarter of current financial year, from Rs 2,219.14 crore in the year-ago period.Net interest margin - a key
indicator of a bank's profitability - slipped to 2.8 per cent in quarter ended June 30, from 3.3 per cent in the corresponding period a
previous quarter.Net non-performing assets (NPA) rose to 2.91 per cent in the June quarter, from 1.86 per cent in the previous
1,399.30 crore from a provisioning pool of Rs 2,100 crore it had set aside for non-performing accounts which faced stress due to current
market and liquidity conditions, it noted.Yes Bank shares ended 5.25 per cent lower at Rs 98.45 ahead of its earnings announcement by the
company, underperforming the Sensex which finished 0.22 per cent higher.(With inputs from Reuters)Get Breaking news, live coverage, and
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