Yes Bank falls below FPO price, profit drops 60

added 29.07.2020 02:51

Following the improvement in deposits, the bank has repaid Rs 25,000 crore (50%) of the special liquidity facility that the bank had availed from the Reserve Bank of India as part of its resolution package.

The bank set aside Rs 1,087 crore as provisions for possible defaults in the first quarter of which Rs 642 crore is for COVID-19 related provisioning.

On the positive front, the bank’s deposit rose 11.4% from the preceding quarter to Rs 1,17,360 crore.

MUMBAI: Shares of Yes Bank fell below the follow-on public offer (FPO) price of Rs 12 on the day when the bank reported a 60% year on year drop in net profit to Rs 45 crore.

According to Kumar, the bank has provided for all the bad loans and its provision coverage ratio at 75% was at par with other banks.

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