Yes Bank posts Rs 130 cr net profit in Q2 despite spurt in bad loans

Yes Bank on Friday reported a standalone net profit of Rs 129.37 crore for the second quarter ended September despite a spurt in bad loans.

The private sector lender had posted a net loss of Rs 600 crore in the corresponding quarter of previous fiscal.

Total income slipped to Rs 5,952.1 crore during July-September quarter from Rs 8,347.50 crore in the same quarter last year, the bank said in a regulatory filing.

Gross bad loans more than doubled to 16.9 per cent of gross advances as on September 30, 2020 from 7.39 per cent a year ago.

Net non-performing assets (NPAs) or bad loans also rose to 4.70 per cent from 4.35 per cent a year ago.

Total step up in provisioning of Rs 1,600 crore consists of Rs 1,038 crore towards COVID-19 related provisioning and balance predominantly towards non-performing investments, the bank said.