Yes Bank on Tuesday reported a 60 per cent fall in net profit for the June quarter of 2020 as its core income and revenues from other sources dropped amid the Covid-19 crisis. However, there was some good news as the lender reported a sequential rise in its deposits.
These numbers came on a day the Yes Bank stock slipped 3.25 per cent on the BSE with its shares settling below the follow-on offer price of Rs 12 per share.
On the BSE, the scrip ended at Rs 11.90 with the weakness magnified by the fact that the new shares issued under the recent FPO will start to trade from Friday. Meanwhile, the stake of State Bank of India in the private sector lender has come down to 30 per cent after the FPO from 48.21 per cent earlier
For the quarter, Yes Bank reported a net profit of Rs 45.44 crore compared with Rs 113.76 crore a year ago. The lender thus returned to profitability during the period after three quarters.
However, the drop in net profits came as its core net interest income declined 16 per cent to Rs 1,908 crore and the non-interest income tanked 51 per cent to Rs 621 crore. However, Yes Bank reported lower provisions for the quarter at Rs 1,086.61 crore against Rs 1,784.11 crore a year ago.