Yes Bank posts net loss of Rs 629 cr in Sept quarter as bad loans spike
The private sector lender had posted a net profit of Rs 951.47 crore in the corresponding period of the previous fiscal.
New Delhi: Yes Bank on Friday reported a consolidated net loss of Rs 629.1 crore for the September quarter due to a spurt in bad loans.
The private sector lender had posted a net profit of Rs 951.47 crore in the corresponding period of the previous fiscal. Sequentially, there was net profit of Rs 95.56 crore in the first quarter ended June of this fiscal.
Total income (consolidated) also slipped to Rs 8,347.50 crore during July-September period of 2019-20, as against Rs 8,713.67 crore in the same period of 2018-19, the bank said in a regulatory filing. Gross bad loans jumped to 7.39 per cent of the gross advances as on September 30, 2019, from 1.60 per cent a year ago.
Net NPAs or bad loans too rose to 4.35 per cent as against 0.84 per cent. Provisions for bad loans and contingencies rose to Rs 1,336.25 crore as against Rs 942.53 crore earlier, the bank said.
On a standalone basis, there was a net loss of Rs 600.08 crore during the quarter. The bank had posted a net profit of Rs 964.70 crore in the second quarter of the previous fiscal. Stock of Yes Bank closed at Rs 66.6, down 5.46 per cent on BSE on Friday.