Private sector lender YES Bank on April 30 reported a higher-than-expected loss of Rs 3,787.75 crore for the quarter ended March 2021, dampened by elevated loan loss provisions and lower net interest income (NII). The loss in the year-ago quarter stood at Rs 3,668.33 crore.
"Despite elevated slippages, the bank has prudently made accelerated provisioning reflected in the PCR (provisioning coverage ratio) for NPA at around 79 percent and PCR for NPI at around 92 percent, resulting into a net loss of Rs 3,788 crore," the bank said in its earnings release.
Net interest income, the difference between interest earned and interest expended, plunged 22.5 percent to Rs 986.7 crore during the quarter under review as compared to Rs 1,273.70 crore in the year-ago quarter.
Advances for the quarter at Rs 1.66 lakh crore declined 2.7 percent year-on-year (YoY), with net interest margin falling 30 bps YoY (down 180 bps QoQ) to 1.6 percent in Q4FY21,