Private lender YES Bank on Friday reported a surprise loss of Rs 1,506.64 crore for the quarter ended March 31 on spike in provisions and contingencies. Analysts in an ET NOW poll had estimated a profit of Rs 1,050 crore. The bank had posted a net of Rs 1,179.44 crore for the corresponding quarter.
Provisions jumped to Rs 3,661.70 crore in Q4 from Rs 399.64 crore in the year-ago period. The bank has classified Rs 2,442 crore loan to IL&FS group as non-performing asset (NPA). It also provided Rs 12.89 crore for standard accounts of IL&FS group.
Net interest income (NII) jumped 16.30 per cent to Rs 2,506 crore on a YoY basis, while net interest margin came in at 3.10 per cent.