Cement firm drills Rs 350-cr hole in IndusInd, YES Bank profits

YES Bank's bad assets more than double

Exposure to a single cement company made a Rs 350-crore dent in the net profits of IndusInd Bank and YES Bank, private lenders otherwise known to have better control on asset quality.

IndusInd Bank and YES Bank had to make provisions of Rs 122 crore and Rs 228 crore, respectively, for their exposure to this account, in compliance with a Reserve Bank notification.

On Wednesday, YES Bank reported 30 per cent growth in the March quarter net at Rs 914 crore, though its exposure to the cement company led to a doubling of dud loans and jump in provisions. Its