Yes Bank Posts Surprise Profit Of Rs. 2629 Crore; Gross NPA Improves

The private sector lender Yes Bank for the quarter ended March of FY20 posted a surprise profit to the tune of Rs. 2629 crore. In the year ago period the bank posted a loss of Rs. 1507 crore.

Profit at the bank is largely due to the extraordinary income of Rs. 6297 crore from write-off of additional Tier-1 bonds (AT-1 Bonds) worth Rs. 8415 crore.

Yes Bank Posts Surprise Profit Of Rs. 2629 Crore; Gross NPA Improves

If this extraordinary is not accounted for, the lender posted a loss of Rs. 3668 crore from general activities of the bank.

On a sequential basis gross NPAs declined from 18.87% in the December quarter to 16.8%. Notably in the corresponding period a year ago, the bank posted gross NPA of 3.22%.

Net NPAs at the bank for the period under review stood at 5.03% versus 1.86% in the year ago period.

Provisions also were higher at Rs. 4872 crore.

During the period after the bank was placed on moratorium on March 5, both the advances and deposits show a declining trend with deposits felling by 53.7% to Rs. 105364 crore, while advances also posted a decline of 29% to Rs. 171443 crore.

Ahead of the announcement of the Q4 results, shares of Yes Bank closed lower by 0.94% at Rs.26.35 on the BSE.

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