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

Wednesday - July 17, 2019 10:46 pm , Category : BUSINESS
Mumbai, July 17 (IANS) 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.
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.

--IANS ravi/prs