Yes Bank reports Rs 18,564-cr loss for Dec quarter
Crisis-hit Yes Bank reported on Saturday a loss of Rs 18,564 crore for the December quarter. The bank, which has been put under moratorium by the government last week, had reported a net profit of Rs 1,000 crore in the year-ago period and a loss of Rs 629 crore in the preceding September quarter.
The share of the gross non performing assets in the overall loans bloated to 18.87 per cent as against 7.39 per cent in the preceding quarter, while the capital buffers also plummeted.
The overall provisions of Rs 24,765 crore hurt the profitability the most as the same number had stood at Rs 1,336 crore in the quarter-ago period.
The capital adequacy ratio has fallen to 4.2 per cent, which is nearly a fourth of the 16.3 per cent it had reported at the end of the September quarter, and much below regulatory requirements.
An inability to raise capital had resulted in the bank being put under moratorium last Thursday, which is set to be lifted next week.
The RBI has appointed Prashant Kumar as the administrator, under whose supervision the results have been declared.
Kumar is set to be the chief executive and managing director of the bank under the reconstruction plan approved by the Union cabinet on Friday.
