Private lender Yes Bank Ltd. returned to profitability.
Yes Bank Ltd. returned to profitability in the January-March quarter after the bank wrote-down additional tier-1 bonds as part of its planned reconstruction scheme,leading to a one-time gain.
Bank was placed under a moratorium by the Reserve Bank of India in March,due to this a new management and board was appointed as part of a rescue plan.
In the fourth quarter, Yes Bank reported a net profit Rs 2,628.6 crore.
AT-1 bonds amounting to Rs 8,415 crore were been fully written down permanently on March 14, 2020 and has been disclosed as an extraordinary item. Net of taxes, the extraordinary item stood at Rs 6,296 crore.
Net interest income rose 19.6 percent year-on-year to Rs 1,274 crore.
The bank continued to remain in breach of regulatory requrement. The bank’s core equity tier-1 or CET-1 ratio and Tier-1 ratio stood at 6.3 percent and 6.5 percent respectively.
The bank also breached the RBI’s statutory liquidity ratio and liquidity coverage ratio requirements, leading to a penalty of Rs 334 crore.
Yes Bank is now owned by a collective of India’s largest financial institutions and headed by a former State Bank of India executive.
Yes Bank Ltd. returned to profitability in the January-March quarter after the bank wrote-down additional tier-1 bonds as part of its planned reconstruction scheme,leading to a one-time gain.
Bank was placed under a moratorium by the Reserve Bank of India in March,due to this a new management and board was appointed as part of a rescue plan.
In the fourth quarter, Yes Bank reported a net profit Rs 2,628.6 crore.
AT-1 bonds amounting to Rs 8,415 crore were been fully written down permanently on March 14, 2020 and has been disclosed as an extraordinary item. Net of taxes, the extraordinary item stood at Rs 6,296 crore.
Net interest income rose 19.6 percent year-on-year to Rs 1,274 crore.
The bank continued to remain in breach of regulatory requrement. The bank’s core equity tier-1 or CET-1 ratio and Tier-1 ratio stood at 6.3 percent and 6.5 percent respectively.
The bank also breached the RBI’s statutory liquidity ratio and liquidity coverage ratio requirements, leading to a penalty of Rs 334 crore.
Yes Bank is now owned by a collective of India’s largest financial institutions and headed by a former State Bank of India executive.
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