Industrialist Anand Mahindra, who is known for sharing his insights in the form of interesting analysis and witty posts, took to Twitter to applaud the ‘brilliant’ job of the Modi government and the Reserve Bank of India and normalize the troubled Yes Bank. Better posted it after getting it in position. Expected financial results for the quarter ended September 30, 2021.
“We have to acknowledge that this government and the RBI have done a great job of damage control and restoration of operational normalcy for this troubled bank. Salute…,” posted Mahindra Group Chairman.
Within an hour of posting, the post garnered over 800 likes.
Yes Bank reported profit after tax on Friday ₹225 crore for the quarter ended September, an increase of 74.3 per cent over the year-ago period, mainly on account of lower provisioning requirements.
Bank’s profit after tax was ₹129 crore in the corresponding quarter of the last financial year.
Yes Bank Managing Director and Chief Executive Officer Prashant Kumar attributed the increase in profit to better business growth and lower provisioning requirements.
“With less slippage and better recovery and upgrades, our provisioning requirement has come down,” he told reporters.
The net interest income (NII) of the bank has declined by 23.4 per cent. ₹1,512 crore in Q2 FY2022 as compared to ₹1,973 crore in the year-ago period.
Net interest margin declined to 2.2 per cent from 3.1 per cent in the same quarter last fiscal.
The gross non-performing assets (NPA) ratio improved to 15 per cent in the latest September quarter from 16.90 per cent in the year-ago period. Net NPAs stood at 5.5 per cent as compared to 4.7 per cent in the same period a year ago.
The latest decline was recorded during the quarter under review ₹1,783 crore, out of which corporate slippage ₹750 crores.
bank shares closed ₹13.73 per cent, down 4.12 per cent on the BSE.
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