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Yes Bank suffered huge losses due to provision for submerged debt due to COVID, loss of Rs 3790

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Provisions for COVID-hit loans make Yes Bank report Rs 3,790 cr loss in Q4

New Delhi. Private sector Yes Bank reported a consolidated net loss of Rs 3,788 crore for the quarter ended March 2021. The bank’s losses have increased due to reduced income and increased provision for bad loans. In the same period of FY 2019-20, the bank showed a net profit of Rs.2628.61 crore from the one-time extraordinary receipt as a return of Rs.6296.94 crore to the write-off. Had this amount not been received, the bank would have incurred a net loss of Rs 3,668 crore in that quarter.

Yes Bank In its information to the stock market, the bank said that the total income of the bank declined to Rs 4,805.30 crore during the quarter under review, from Rs 5,818.59 crore in the January-March quarter of 2019-20 a year ago. On the other hand, the bank’s provision for stranded loans and other emergencies increased to Rs 5,239.59 crore in the January-March 2021 quarter from Rs 4,872.34 crore in the January-March quarter of 2019-20 a year earlier. The bank’s gross NPA (non-performing asset) stood at 15.41 per cent of gross debt in the quarter under review, compared to 16.80 per cent in the same quarter of 2019-20 a year earlier.

However, net NPAs increased to 5.88 percent during the period, from 5.03 percent in the fourth quarter of 2019-20 a year ago. The net loss of the bank declined to Rs 3,462.23 crore for the entire financial year 2020-21, compared to Rs 16,418.02 crore in FY 2019-20. The bank’s total income declined to Rs 23,382.56 crore for the year under review, from Rs 29,508.10 crore a year ago in 2019-20.

IndusInd Bank’s profit doubled to Rs 876 crore

IndusInd Bank reported on Friday that its profit doubled to Rs 876 crore during the last quarter of the financial year 2020-21, which ended on March 2021. The private sector bank said that its net profit during the last quarter of 2019-20 was Rs 301.84 crore. The bank told the stock market that its total income increased slightly to Rs 9,199.48 crore in the reporting period, from Rs 9,158.57 crore in the same period of the previous financial year.

The bank said that its net profit declined by 36 per cent to Rs 2,836.39 crore during FY 2020-21, from Rs 4,417.91 crore in the previous financial year. Income was Rs 35,558.41 crore during the last financial year. The bank’s gross NPAs increased marginally to 2.67 per cent as on 31 March 2021 from 2.45 per cent as on March 2020.

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