Yes Bank net profit declines 60% to ₹45 crore in Q1
Business / Yes Bank net profit declines 60% to ₹45 crore in Q1
Business - Yes Bank net profit declines 60% to ₹45 crore in Q1
Mumbai: Yes Bank on Tuesday reported 60 per cent fall in its standalone net profit to Rs 45.44 crore for the first quarter ended June 30.The private sector lender had posted a net profit of Rs 113.76 crore in the same quarter previous fiscal.Total income (standalone) for the April-June quarter of 2020-21 fell by 32.8 per cent to Rs 6,106.74 crore, from Rs 9,088.80 crore in same period of 2019-20, Yes Bank said in a regulatory filing.Interest income was down at Rs 5,486.08 crore for the quarter, compared to Rs 7,816.14 crore a year ago.The bank's provisions for bad loans and contingencies for the quarter fell to Rs 1,086.61 crore from Rs 1,784.11 crore in the year-ago period.On consolidated basis, the bank's net profit in June quarter fell to Rs 34.05 crore from Rs 95.56 crore a year ago. Income also declined to Rs 6,122.62 crore from Rs 9,105.79 crore.There was substantial deterioration in the bank's asset quality as the gross non-performing assets (NPAs) rose to 17.30 per cent of the gross advances as on June 30, 2020, from 5.01 per cent a year ago. It was 16.80 per cent at the March-end, 2020.Net NPAs stood at 4.96 per cent, higher than 2.9 per cent a year ago.Yes Bank stock closed 3.25 per cent down at Rs 11.90 apiece on the BSE.