Published On: Wed, Jul 17th, 2019
Business | By IANS

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

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

We believe that earnings trajectory should strengthen significantly from here on

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 Rs 1,506.64 crore.

The amount that a company sets aside for a known liability or ‘provisioning’ in banking parlance stood at Rs 1,784.11 crore up from Rs 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.

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