YES Bank share price plunged to its fresh 52-week low after the private lender announced a 91 per cent fall in its net profit to Rs 113.80 crore for the first quarter ended June 30, 2019, dented by one-off impact from mark-to-market (MTM) provisions of Rs 1,109 crore.
The bank logged a net profit of Rs 1,260 crore in the same quarter last year. YES Bank share price fell up to 15% to 83.70 level compared to the previous close of 98.45 on BSE.
YES Bank share price opened with a loss of 9.95% at 88.65 level. YES Bank share price has been losing for the last two days and fallen 14.44% in the period.
YES Bank share price has lost 76.81% during the last one year and fallen 51.03% since the beginning of this year. Other income (non-interest income) fell 24.88 per cent to Rs 1,272.66 crore for the quarter ended June 2019 against Rs 1,694.14 crore in the corresponding period last year.
The bank's net interest income (NII), which is the difference between interest earned and interest expended, grew by 2.8 per cent to Rs 2,281 crore in April-June quarter of FY20, affected by "impact of Rs 223 crore of interest reversals on account of slippages during the quarter".
Provisions and contingencies rose nearly three times to Rs 1,784.1 crore as compared to Rs 625.70 crore made in the year-ago quarter. The bank's provisions in the March quarter stood at Rs 3,661.70 crore.
"The provision includes one-off impact of Rs 1,109 crore of investment MTM provision led by rating downgrades of investments in companies of two financial services groups," the bank said in the regulatory filing.
YES Bank's asset quality declined during June quarter, with gross non-performing assets (NPAs) ratio - bad loans as a percentage of gross advances - spiking to 5.01 per cent versus 1.31 per cent in the year-ago quarter.
Net NPAs expanded to 2.91 per cent during June quarter as compared to 0.59 per cent in the corresponding quarter last year. The bank's absolute gross NPA stood at Rs 12,092.10 crore in Q1FY20 against Rs 2,824.46 crore in Q1FY19. YES Bank shares closed trade at Rs 98.45 apiece, down 5.25 per cent, on the BSE on Wednesday.
Edited by Aseem Thapliyal