Yes Bank reports Rs 18,564 crore loss for Q4, 2019

A- A A+

Last Updated : Apr 16 2021 10:27PM Screen Reader Access

News Highlights

PM Modi calls for synergy across Ministries and state governments to ensure adequate supply of medical oxygen Centre asks States, UTs to ensure hassle free movement of Oxygen carrying vehicles Govt ramping up medical infrastructure to deal with Covid pandemic, says Health Minister Union Home Secretary reviews COVID-19 situation in Chhattisgarh, UP CISCE defers Class 10th, 12th board examinations

Business News

Mar 15, 2020

8:58AM

Yes Bank reports Rs 18,564 crore loss for Q4, 2019

Representational Pic

YES Bank has reported a staggering Rs 18,654-crore loss for the December quarter due to higher recognition of dead assets on the books, and an erosion of capital buffers to the brink.

The gross non-performing assets shot-up to Rs 40,709 crore or 18.87 percent of assets as of December 31, 2019, up from the preceding September quarter's Rs 17,134 crore or 7.39 percent, which forced the bank to set aside Rs 24,765 crore as provisions for the expected reverses and eroded the bottom-line.

The bank's board was superseded by the government on March 5, and the RBI had appointed former chief financial officer of SBI, Prashant Kumar, as the administrator.

An inability to raise capital was cited as the primary reason for the actions, which also included it being put under a moratorium and a slew of restrictions, including capping of withdrawals at Rs 50,000 per account for a month.

The bank disclosed that there had been an over Rs 44,000-crore dip in its deposits between September and December to Rs 1,65,000 crore, while there has been a sharp decline in interest earned, suggesting a dip in advances due to the lack of capital.