Net loss Yes Bank K4 expands marginally to Rs 3,788 cr

Net Loss Yes Bank K4 expands slightly to Rs 3,788 cr

YES Bank today reported a net loss of Rs 3,787.75 billion for the quarter ended March compared to a net loss of Rs 3,668.3 billion for the year-ago quarter due to an increase in provisions. Lender provisions rose 7.5 percent year over year to Rs.5,240 billion for the quarter. On a sequential basis, provisions increased 138 percent.

The bank’s net interest income decreased 22.5 percent year over year to Rs. 987 billion, while noninterest income rose 37 percent to Rs 816 billion. Provisions rose 7.5 percent for the quarter to Rs.5,240 billion from Rs 4,872 billion in March 2020.

Despite increased slip-ups, as a precautionary measure, the bank has accelerated provisioning, which is reflected in the commission coverage ratio (PCR) for NPA of 79 percent, YES Bank said. On Friday, the bank closed 0.7% higher at Rs 14.60 over NSE. During the quarter, the bank’s total income fell from Rs. 5,818.59 billion in the same period last year to Rs 4,805.30 billion, shared Yes Bank in an application for approval.

“Deferred tax assets of Rs 9,354 billion as of March 31, 2021 are reported on the balance sheet. As the financial financial projections approved by the Board of Directors, there is reasonable assurance that there is sufficient taxable income to enable the realization of the deferred tax asset as stated in Accounting Standard 22 (Accounting for Income Taxes), ”it says.

The current second wave of the COVID-19 pandemic has led to the reintroduction of local lockdowns in different parts of the country. The extent to which the pandemic will affect the bank’s results will depend on both current and future developments.

On March 5, 2020, Reserve Bank imposed a moratorium on troubled private sector lenders, including capping withdrawals at Rs 50,000 per depositor, after discovering that new management was unable to provide the urgent Tier 1 capital procure that was well below the prescribed level.

Later, the Union cabinet approved a bailout package for the bank, which included an investment from the State Bank of India (SBI) of 7,250 rupees. Four private lenders have pledged an additional Rs 3,100 crore as part of the rescue plan.

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