Yes Bank’s profits fall by 91% on higher NPA provisioning

Private lender Yes Bank reported a 91% fall in its profit at ₹113.76 crore down from ₹1,260.36 in the comparable period last year while the percentage of gross NPA also rose nearly fivefold

IANS Photo
IANS Photo

IANS

Private lender Yes Bank reported a 91 per cent fall in its profit at ₹113.76 crore down from ₹1,260.36 in the comparable period last year while the percentage of gross NPA also rose nearly fivefold to 5.01 from 1.31 last year.

On a sequential basis however, the Bank's June quarter result was better in terms of profit as the last quarter saw the Yes Bank first ever loss to the tune on ₹1,506.64 crore.

The amount that a company sets aside for a known liability or 'provisioning' in banking parlance stood at ₹ 1,784.11 crore up from ₹625.65 crore in the June quarter last year.

The company said that 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," Yes Bank said.

For all the latest India News, Follow India Section.