Home >Companies >Company Results >Yes Bank Q1 net profit plunges 60% to 45 cr
(Photo: Mint)
(Photo: Mint)

Yes Bank Q1 net profit plunges 60% to 45 cr

  • The bank makes Covid-related provisioning of 642 cr
  • On a quarterly basis, deposits grew 11% to 1,17,360 crore

New Delhi: Private lender Yes Bank on Tuesday reported 60% decline in its standalone net profit for June quarter at 45 crore.

The lender had reported net profit of 114 crore in the year-ago period.

Yes Bank's Q1 asset quality remains nearly the same compared to the previous quarter. The bank's gross non-performing assets was at 17.3% of gross advances as against 16.8% in March quarter while the net NPA stood at 4.96% as against 5.03% a quarter ago.

Total provisions for Q1FY21 are at 1,087 crore, including 642 crore of Covid-19-related provisioning.

On a quarterly basis, deposits grew 11% to 1,17,360 crore. "During the quarter, intensified client outreach resulted in win back of mandates and acceleration in customer acquisition," the bank said.

The bank recently raised 15,000 crore through an FPO, after which SBI's stake in it fell to 30% from the earlier 48.21%.

The beleaguered bank's net interest income declined 16.3% to 1,908 crore as compared to 2,281 crore a year ago.

However, the bank's Provision Coverage Ratio in June quarter improved to 75.1% as compared to 73.8% a quarter ago.

Yes Bank was near bankrupt in March and was rescued by a Reserve Bank-led bailout plan under which SBI picked up 49% equity in the once-storied private sector lender.

Total income (standalone) for the April-June quarter of 2020-21 fell by 32.8 per cent to 6,106.74 crore, from 9,088.80 crore in same period of 2019-20, Yes Bank said in a regulatory filing.

Interest income was down at 5,486.08 crore for the quarter, compared to 7,816.14 crore a year ago.

The bank's provisions for bad loans and contingencies for the quarter fell to 1,086.61 crore from 1,784.11 crore in the year-ago period.

On consolidated basis, the bank's net profit in June quarter fell to 34.05 crore from 95.56 crore a year ago. Income also declined to 6,122.62 crore from 9,105.79 crore.

On Tuesday, the bank's scrip on BSE closed 3.2% lower at 11.90.

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