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Business EconomyPosted at: Jul 28 2020 9:42PM


YES Bank Q1 standalone net declines by 60 pc

Mumbai, Jul 28 (UNI) Private sector lender Yes Bank on Tuesday reported 60 pc decline in its standalone net profit for quarter ended June 30,2020 at Rs 45.4 crore as compared with net profit of Rs 114 crore in the year-ago period.
Total income (standalone) for the quarter ended June 30, 2020 fell by 32.8 per cent to Rs 6,106.74 crore, from Rs 9,088.80 crore for the same quarter a year ago, Yes Bank said in a filing with BSE
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.
Yes Bank's Q1 asset quality remains nearly the same compared to the previous quarter. The bank's gross non-performing assets was at 17.3 pc of gross advances as against 16.8 pc in March quarter while the net NPA stood at 4.96 pc as against 5.03 pc a quarter ago.
Total provisions for Q1FY21 are at Rs 1,087 crore, including Rs 642 crore of Covid-19-related provisioning.
Bank's net interest income declined 16.3 pc to ,Rs 1,908 crore as compared to Rs 2,281 crore a year ago.
However, the bank's Provision Coverage Ratio in June quarter improved to 75.1 pc as compared to 73.8 pc a quarter ago.
On consolidated basis, the bank has posted a decline of 64.37 pc in its consolidated net profit for the quarter ended June 30, 2020 at Rs.34.05 crores as against net profit of Rs.95.56 crores for the quarter ended June 30, 2019.
Total incomefor the quarter under review decline by 32.76 pc at Rs.6122.62 crores as compared to Rs.9105.79 crores for the quarter ended June 30, 2019.
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