wordpress blog stats
Connect with us

Hi, what are you looking for?

Bad loans rise for Yes Bank, posts net profit of ₹151 crore in Q3FY21

Yes Bank Ltd posted a net profit of ₹151 crore during the third quarter of the current financial year compared to a net loss of ₹18,560 crore in Q3FY20. Around ₹8,300 crore worth of loans on the banks' books have not been classified as non-performing assets (NPAs) pending a Supreme Court verdict in Gajendra Sharma vs Union of India, the bank said in its financial results and investor presentation. Around ₹5,132 crore worth of loans not recognised as NPAs belong to corporates, ₹1,224 crore are retail loans and over ₹700 crore were loans to small-medium-enterprises, the bank said in its investor presentation. Further, around ₹6,537 crore worth of loans are overdue by 61 to 90 days, the bank said. Prashant Kumar, managing director and chief executive officer, Yes Bank says that if the Supreme Court does not issue a verdict by March 31 this year, the bank will be able to increase its cash recoveries, but if it does, the banks' gross NPA figure will increase by ₹8,300 crore which translates to 4.5% of the lenders' existing loan book. As of December 31, 2020, the banks' GNPA ratio stood at 15.36%, which means on a proforma basis the GNPA would rise to over 20% if these default accounts were recognised, Kumar said during a media interaction on Friday. “The proforma numbers are looking large as compared to where we were in March 2020, because we have reduced our loan book in the last few quarters. We believe that the Covid-related…

Please subscribe/login to read the full story.
Written By

Reports on banking, payments, fintech and crypto-curencies. Additional reporting on media regulations, data protection and other areas.

Free Reads

News

TRAI first introduced the idea of displaying the caller's name in a consultation paper back in 2022.

News

As per reports, the Unmanned Aerial Vehicles (UAVs) will be enabled with 5G capability and will be built to function in extreme temperatures and...

News

One of the X posts on Krutrim that blew up was about the AI model claiming that it was created by OpenAI as opposed...

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

Notably, Indus Appstore will allow app developers to use third-party billing systems for in-app billing without having to pay any commission to Indus, a...

News

The existing commission-based model, which companies like Uber and Ola have used for a long time and still stick to, has received criticism from...

News

Factors like Indus not charging developers any commission for in-app payments and antitrust orders issued by India's competition regulator against Google could contribute to...

News

Is open-sourcing of AI, and the use cases that come with it, a good starting point to discuss the responsibility and liability of AI?...

News

RBI Deputy Governor Rabi Shankar called for self-regulation in the fintech sector, but here's why we disagree with his stance.

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ