NEW DELHI: YES Bank on Wednesday said its profit plunged 91 per cent on a yearly basis to Rs 113.80 crore in the June quarter, dented by one-off impact from mark to market provisions of Rs 1,109 crore.Analysts in an ET NOW poll were projecting a profit of Rs 164 crore.The private lender had reported a profit of Rs 1,260 crore in the same quarter last year.Total provisions came in at Rs 1,784.1 crore, up three times over Rs 625.70 crore made in the same quarter last year. The bank made Rs 3,661.70 crore provisions in the March quarter.Net interest margin (NIMs) in the June quarter was at 2.8 per cent against 3.1 per cent in the March quarter and 3.3 per cent in the year-ago period.Gross non-performing assets for the quarter spiked to 5.01 per cent against 3.22 per cent in the March quarter and 1.31 per cent in the year-ago period.The bank said net provisions at Rs 1,784 crore for June quarter included one-off impact of Rs 1,109 crore of investment MTM provision led by rating downgrades of investments in companies of two financial services groups. "This was a ‘quarter of consolidation’ in which the bank has demonstrated strong resilience in revenues and asset quality. We believe that earnings trajectory should strengthen significantly from hereon. Based on work done and findings till date, the bank has not identified any material financial statement implications, YES Bank said.

Source: Economic Times July 17, 2019 10:41 UTC