Yes Bank net jumps 29% as loan book swells

30 April, 2018, 03:42 | Author: Franklin Nunez
  • YES Bank reports 29% jump in net profit at Rs 1,179 crore in Q4 results

A month after its listing its shares on March 27, the Kolkata-headquartered bank's provisions towards bad loans trebled to Rs 10,909 crore over the same quarter a year ago.

Bandhan Bank has posted a 20.29 per cent growth in net profit for the fourth quarter ended March 31, 2018. The Mumbai-based bank reported a loss of Rs 2190 crore, the first in data going back to 2006, and compared with a Rs 662 crore profit predicted in a Bloomberg survey of 15 analysts. Provisions rose to Rs 71.8 billion in the quarter that ended in March from 28.1 billion the previous quarter as an earning of Rs 165 billion of new defaults were identified after the implementation of stringent regulations, the bank said in an exchange filing on Thursday.

Axis Bank share price rallied most in six months even as country's third largest private sector lender by assets reported quarterly losses for the first time ever.

On the asset front, there was an uptick in bad loans with gross non-performing assets (NPAs) rising to 1.25 per cent of the gross advances as March 31, 2018 as against 0.51 per cent by same time year earlier. "The bank had to write off Rs 51 crore of advances in FY18 because of the stress", he added.

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In the pre-opening session Axis Bank quoated 3.79 per cent down.

After making mandatory appropriations to Statutory Reserve, Investment Reserve and Capital Reserve, no profits are available for distribution as dividend for the financial year ended 31 March 2018, the bank said while announcing its results.

The Chief Financial Officer of the bank, Sunil Samdani said margins changed because of the change in its loan mix of micro and non-microcredit (86:14).

Total income during the fiscal increased to Rs 56,747.40 crore, from Rs 56,233.47 crore.

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Sharma added: "For the asset quality pain to truly moderate, however, it is critical for us to complete the NPA recognition process, and put the last cycle behind us".

Commenting on the performance, Chandra Shekhar Ghosh, Managing Director and CEO of Bandhan Bank, said: "The year 2017-18 has been a watershed year for the bank". "This journey continues", said Ms. Sharma, who has made a decision to step down from the helm at the end of December. The watch list of the bank was reduced by 92% to Rs 498 crore. Total income during the fiscal rose to Rs 5,508.48 crore (Rs 4,320.12 crore).

According to the bank, recoveries and upgrades were Rs 3,401 crore while write-offs during the quarter were Rs 3,887 crore.

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