The divergence in net NPAs of the bank stood at Rs 2,299 crore for 2018-19
NEW DELHI: Shares of YES Bank cracked over 3 per cent in opening trade on Wednesday after the private sector lender on Tuesday reported a lower net profit of Rs 1,084.03 crore for the financial year 2018-19 against Rs 1,720.28 crore announced earlier due to higher non-performing assets (NPAs) assessed by the Reserve Bank.
The scrip was down 3.35 per cent at Rs 62, while the BSE Sensex was up 146 points, or 0.36 per cent, at 40,615.
The divergence in net non-performing assets (NPAs) of the bank –the difference in bad loans reported by the bank and the assessment done by the RBI — stood at Rs 2,299 crore for 2018-19.
“The adjusted (notional) net profit after tax for the year ended March 31, 2019 after taking into account the divergence in provisioning was at Rs 1,084.03 crore,” it said.
The divergence in provisioning was at Rs 978 crore.
Market regulator Sebi has put in place tighter disclosure norms, directing all listed banks to disclose any divergence in bad loan provisioning within 24 hours of receiving RBI’s risk assessment report, rather than waiting to publish the details in their annual financial statements.
In another development, the lender on Tuesday informed the exchanges that Rana Kapoor and promoter entities Yes Capital and Morgan Credits sold their remaining 0.8 per cent stake in bank.
According to a BSE filing, the promoters sold 2.04 crore shares in the open market during November 13-14. The promoter entities now hold 900 shares in YES Bank.
In September, the promoter entities had sold a combined 2.75 per cent in YES Bank through the open market process.
