YES Bank shares tank 15% post Q1 results
Fresh slippages at Rs 6,232 crore nearly doubled if compared to the previous quarter.
It had posted a net profit of Rs 1260.36 crore in the corresponding quarter last year and a loss of Rs 1,506.64 crore in the preceding quarter.
The scrip declined 14.98 per cent to hit a fresh 52-week low of Rs Rs 83.70 on BSE.
June quarter net profit plummeted by over 90 per cent to Rs 95.56 crore on a consolidated basis due to a Rs 6,232 crore addition to the non-performing assets, which resulted in the provisions to zoom.
This is the second consecutive quarter where the bank profits have taken a massive hit since the new management under Ravneet Gill took over in March, following the forced exit of promoter-chief executive Rana Kapoor over governance concerns by the RBI.
The bank's fresh slippages at Rs 6,232 crore nearly doubled if compared to Rs 3,408 crore in the previous quarter, resulting in the gross non-performing assets ratio to rise to 5.01 per cent against 1.31 per cent in the year-ago period and 2.91 per cent three months ago.
Total provisions of the lender jumped to Rs 1,784.1 crore, up nearly three times over Rs 625.70 crore made in the same quarter last year. The bank made Rs 3,661.70 crore provisions in the March quarter.
The shares of the bank closed 12.85 per cent lower at Rs 85.80 on BSE.