India’s Yes Bank saw profit drop 80% in Q4 2022: report

The bank aims to recover INR10b in the current quarter, its chief executive said.

India’s Yes Bank reported an 80% plunge in quarterly profit on Saturday, resulting from the bank beefing up provisions for bad loans.

Net profit fell to $6.36m (INR 515.2m) for the three months that ended 31 December. In Q4 2021, Yes Bank had reported a net profit of INR2.66b.

ALSO READ: Indian banks’ lending to NBFCs up 150% from pre-COVID levels

The drop came as a surprise as analysts had expected profit to rise to INR3.36b, according to Refinitiv IBES data.

The bank aims to recover around INR10b, chief executive Prashant Kumar said in a call on Saturday.

Read more from Reuters.

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