Private sector Yes Bank’s first quarter results were encouraging. Earlier, Yes Bank Share closed the last trading day on Friday with a rise of 2.80 percent at Rs 14.70.
YES Bank profits jumped 50% in three months
Yes, Bank has made strong profits in the first quarter of the current financial year. It has jumped 50 percent to Rs 311 crore. The bank has benefited due to a reduction in NPA and an increase in income. Looking at the figures, investors are now seeing Yes Bank getting back on track.
Reduction in bad loans, and increase in incomes for Yes Bank on Saturday announced the results of the June quarter of 2022-23. It was told that due to a reduction in bad loans and an increase in income, the bank has made a net profit of 50 percent.
The bank had a profit of Rs 207 crore in the June quarter of the last financial year. Apart from this, the main reason for the increase in the profit of the bank was the decline in NPAs (Non-Performing Assets).
According to the quarterly results reached here, the total income of the bank increased to Rs 5,916 crore in the April-June 2022 quarter. It stood at Rs 5,394 crore a year ago in the June quarter of 2021-22.
The ratio of NPA to a gross loan of the bank has come down to 13.45 percent, this ratio was 15.60 percent in the same period last year. In the last quarter, the ratio of Net NPA ie Bad Loans has also come down from 5.78 percent to 4.17 percent.
Formation of Alternative Board. YES Bank kept Rs 175 crore as a provision in the June quarter, which is 62 percent less than the June quarter of the previous financial year.
At that time this amount was Rs 457 crore. According to the report of PTI, now Yes Bank has successfully come out of the reconstruction scheme with the formation of an alternate board as per the approval of the shareholders with effect from July 15, 2022.
Prashant Kumar’s name proposed
The new board has recommended the appointment of Prashant Kumar as MD and CEO for a period of three years, subject to the approval of the Reserve Bank of India and shareholders. In addition, the bank has also signed a term sheet with JC Flowers to form an asset reconstruction company for the purpose of sale of the identified pool of stressed assets of approximately Rs 48,000 crore.