India’s Yes Bank reports surprise 80% plunge in quarterly profit

Spread the love



India’s Yes Bank reports surprise 80% plunge in quarterly profit

India’s Yes Bank reported a surprise 80% plunge in quarterly profit on Saturday as provisions for bad loans increased.

Employees enter a Yes Bank branch at its headquarters in Mumbai, India January 17, 2018.At the time, the parent company of the mutual fund was owned by the Anil Dhirubhai Ambani Group.By Jayshree Pyasi A customer tries to look into a Yes Bank branch in Mumbai, India, March 6, 2020.in the mid-1960s, the adventurous Welsh singer-songwriter, producer, and composer has had a historic, if at times intentionally errant, run.

REUTERS/Danish Siddiqui/Files MUMBAI, Jan 21 (Reuters) – India’s Yes Bank (YESB.NS) reported a surprise 80% plunge in quarterly profit on Saturday as provisions for bad loans increased.The Securities and Exchange Board of India (SEBI) is probing whether investments by the fund, known at the time as Reliance Mutual Fund, in perpetual bonds of Yes Bank were made as part of a deal whereby in return the lender invested in securities of Anil Ambani group companies, said two sources with direct knowledge of the matter.Net profit fell to 515.The bonds were written off as part of a restructuring plan to rescue Yes Bank in March 2020.20 million rupees ($6.SEBI’s regulations say that the parent of a mutual fund cannot access investors’ money either directly or indirectly.36 million) for the three months through December from 2.Elsewhere, he asserts that “It’s not the end of the world,” even as he makes a good case that it very well might be.

66 billion rupees in the same period a year earlier.The current owner of the fund, Nippon India, as well as the previous owner could be liable, the sources said.The court did not go into the merits on the nature of these bonds and ruled that there were procedural lapses in the decision to write down the bonds.Analysts had expected profit to rise to 3.36 billion rupees, according to Refinitiv IBES data.The fund house itself, senior officials and its former sponsor could face charges for violating regulatory norms under India’s ‘Prevention of Fraud and Unfair Trade Practices Relating to Securities Market’ rules, one source said.But net interest margin, a key indicator of a bank’s profitability, rose 10 basis points to 2.04 billion) to these bonds.5%.Nippon India, the Anil Ambani Group, Yes Bank and SEBI did not respond to requests for comment.

The bank’s asset quality improved as gross non-performing assets declined to 2.02% of total loans from 12.Nippon India, a unit of Nippon Life Insurance Co (NPNLI.Individual and institutional bondholders had filed several petitions in the Court, arguing that the bonds were mis-sold and could not be written off when equity was not.89% in the September quarter.Net non-performing assets declined to 1.The transactions under scrutiny date back to before the transfer of ownership, the sources said.03% from 3.Yes Bank did not immediately offer comments on the order.

60%.As of December 2022, Nippon India was the fourth-largest mutual fund in India with assets under management of 2.Net interest income, the difference between the interest income from lending and that paid to depositors rose 11.7% to 19.46 billion) as well as the biggest foreign-owned mutual fund.1310 Indian rupees) (This story has been refiled to correct the attribution in the headline and change ‘court document’ to ‘court order’ in paragraph 1) Reporting by Jayshree P Upadhyay in Mumbai and Tanvi Mehta in New Delhi; Editing by Savio D’Souza and Krishna Chandra Eluri Our Standards:.71 billion rupees.Provisions increased to 8.These bonds were cancelled in 2020 by Yes Bank as part of its restructuring, which has been challenged in court by bondholders.

44 billion rupees from 5.82 billion rupees the previous quarter.On Friday, SEBI proposed further tightening of mutual fund regulations asking mutual fund owners to reduce their stake gradually as a measure to check their influence on investment decisions.Yes Bank in December completed the transfer of worth 480 billion rupees to private equity firm J.C.Present rules require that mutual fund owners hold a minimum 40% stake.Flowers, in a deal aimed at cleaning up its balance sheet.

The lender’s loan growth improved by 10% while deposits rose 16%.(This story has been corrected to fix the rank from ‘seventh-largest’ to ‘fourth-largest’ in paragraph 10) Reporting by Jayshree P Upadhyay; Editing by Ira Dugal and Raju Gopalakrishnan Our Standards:.This is contrary to the trend in India’s banking industry.Bank loans rose nearly 15% in the fortnight to Dec.30 from a year earlier, outpacing a 9.2% increase in deposits, according to the latest data from the Reserve Bank of India.

($1=80.9790 Indian rupees) Reporting by Nupur Anand and Siddhi Nayak; Editing by William Mallard Our Standards:.

Read more:
Reuters » {{PageTitle}}

Loading news…

Failed to load news.

Exclusive: India regulator probes investments between Nippon Mutual Fund, Yes Bank, sources sayAn Indian regulator is investigating investments between Nippon India Mutual Fund, the largest foreign-owned fund in the country, and Yes Bank between 2016 and 2019 for suspected misuse of investors’ money, sources said.

India court quashes write-off of Yes Bank’s AT1 bonds – orderThe Bombay High Court on Friday quashed the write-off of additional Tier-1 (AT1) bonds issued by Yes Bank Ltd , according to a court order.

At 80, John Cale Is Still Inventing His Future and Wrestling With His PastREVIEW: As he enters his 80s, Velvet Underground co-founder John Cale is still looking forward musically, even as he wrestles with his past. Read our review is his new album ‘Mercy.’

Blue Starlite Drive-In burglarized, 80% of equipment stolenAustin’s Blue Starlite Mini Urban Drive-In reported a burglary at its downtown property on Wednesday night. Calling it a “well-planned heist,” they said 80% of their operation equipment was stolen at the site.

Decentralized forex will reduce cost by as much as 80%: ReportJoint research from Circle and Uniswap says stablecoins and DeFi protocols could potentially save forex end-users up to 80% on fees. circle Uniswap Use xrp and it’s reduced by 99.9%🤝 circle Uniswap Algorand will lead the way with VCAD, QCAD, AUD, ENAIRA , Euro, e-money stablecorp monerium koibanx NAB circle Uniswap Long overdue!

How to Use the 80–20 Rule to Reach Your GoalsBy focusing our efforts on those causes that have a big impact, we can save time and achieve more. Here’s how it works. Good information

{{PageTitle}}

Loading news…

Failed to load news.

{{PageTitle}}

Loading news…

Failed to load news.



Source link