Business
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
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.
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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.
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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.
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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.
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