Yes Bank gains 29 percent Q4 profit

Cornelia Mascio
Aprile 26, 2018

Interest income was up 32 per cent.

The net loss was Rs 2,189 crore ($327.94 million) for the three months ended March 31, compared with a profit of Rs 1,225 crore a year ago, the Mumbai-based bank said.

For iron and steel sector it remained static at 2 per cent, for telecom it came down to 2.2 per cent (March 2018) from 2.3 per cent (December 2017) while for non-renewable electricity generation it stood at 2.7 per cent from 3.4 per cent.

One of India's top private lenders on Thursday posted weaker results than usual as it reported a surprise net loss of Rs 2,188.74 crore for the January-March quarter (Q4) in comparison to Rs 1,225.10 crore in the same quarter previous year.

The resilient retail segment now accounts for 46 per cent of the assets of the bank from 20 per cent nine years ago when she took over, Sharma said.

The bank had minimal impact from the change in NPA recognition norms introduced on February 12 this year, he said, adding the emergence of frauds has led it to classify the gems & jewellery sector to the list of sensitive sectors.

In absolute terms, gross NPAs or bad loans stood at Rs 2,626.80 crore by end of March 2018 as against Rs 2,016.80 crore by the end of the preceding year.

Last week, the bank appointed leadership advisory firm Egon Zehnder to help it search for a new chief executive, and said its board would ensure that the process is completed before Sharma's term ends.

Even though it is well-capitalised with an overall buffer of over 18 per cent, the bank board has made a decision to raise up to United States dollars 1 billion in core equity, Kapoor said, adding it may consider raising the money by the end of the FY19 if it sees some opportunities for its use.

Axis Bank has also faced other problems.

Mumbai: Lending major Axis Bank on Thursday reported its first net loss since 1998 due to a rise in NPA provisioning.

Investors lapped up the yes Bank counter with the scrip rallying 8.26 per cent to Rs 352.05 on the BSE as against gains of 0.62 per cent on the benchmark.

Altre relazioniGrafFiotech

Discuti questo articolo

Segui i nostri GIORNALE