Private sector lender Yes Bank posted a whopping Rs. 1,507 crore loss during the Jan.-March period of 2018-19, as bad loans surged due to its exposure to troubled firms like Infrastructure Leasing & Financial Services Ltd. (IL&FS) and an airline company. The bank, however, has refrained from naming the airline.
The lender posted a Rs. 1,179-crore profit during the same period of the previous financial year. This is the first quarterly results under the new MD & CEO Ravneet Gill, who replaced Rana Kapoor, the co-founder of the bank. Mr. Kapoor’s three-year extension proposal was not approved by the Reserve Bank of India.
Gross slippages to bad loans in the fourth quarter was Rs. 3,481 crore, of which Rs. 552 crore was on account of an airline company exposure that was performing as on March 31, 2019, the bank said.
