YES Bank posts Rs 16,418.02 crore net loss in FY20; asset quality worsens
YES Bank's Net Interest Income, the difference between interest earned and interest expended, declined to Rs 6,805 crore during FY20, as compared to Rs 9,809 crore reported during the previous financial year
- May 6, 2020,
- Updated May 7, 2020 1:43 AM IST
YES Bank posted a standalone net loss of Rs 16,418.02 crore for the financial year ending March 31, 2020. The private lender had reported a profit of Rs 1,720.27 crore at the end of financial year 2018-19. In the March quarter of FY20, the bank benefitted from income from write-down of additional tier 1 (AT1) bonds worth Rs 6,296.94 crore, after deducting taxes. This write down helped the bank post net profit of Rs 2,628.61 during the Q4 FY20, as opposed to a net loss of Rs 1,506.64 crore in the year-ago period.
Net Interest Income (NII), the difference between interest earned and interest expended, declined to Rs 6,805 crore during FY20, as compared to Rs 9,809 crore reported during the previous financial year. YES Bank said its NII for the fiscal under review suffered due to higher slippages and shrinkage in loan book. Interest earned by YES Bank during FY20 stood at Rs 26,066.61 crore, as compared to 29,624.75 crore in FY19. YES Bank's operating profit declined to Rs 3,518 crore in FY20, from Rs 8,135 crore posted at the end of FY19.
Marico FY20 results: Profit flat at Rs 1,085 crore as coronavirus lockdown hits business
YES Bank posted a standalone net loss of Rs 16,418.02 crore for the financial year ending March 31, 2020. The private lender had reported a profit of Rs 1,720.27 crore at the end of financial year 2018-19. In the March quarter of FY20, the bank benefitted from income from write-down of additional tier 1 (AT1) bonds worth Rs 6,296.94 crore, after deducting taxes. This write down helped the bank post net profit of Rs 2,628.61 during the Q4 FY20, as opposed to a net loss of Rs 1,506.64 crore in the year-ago period.
Net Interest Income (NII), the difference between interest earned and interest expended, declined to Rs 6,805 crore during FY20, as compared to Rs 9,809 crore reported during the previous financial year. YES Bank said its NII for the fiscal under review suffered due to higher slippages and shrinkage in loan book. Interest earned by YES Bank during FY20 stood at Rs 26,066.61 crore, as compared to 29,624.75 crore in FY19. YES Bank's operating profit declined to Rs 3,518 crore in FY20, from Rs 8,135 crore posted at the end of FY19.
Marico FY20 results: Profit flat at Rs 1,085 crore as coronavirus lockdown hits business