Private lender YES Bank posted its first quarterly loss, of Rs 1,507 crore, during the January-March 2019 period on account of a fall in non-interest income and a sharp increase in provisioning for bad loans, mainly due to defaults by the Infrastructure Leasing & Financial Services (IL&FS) group and Jet Airways. It had reported a net profit of Rs 1,179 crore in the fourth quarter of FY18.
For the full year, the bank’s net profit more than halved to Rs 1,709.3 crore from Rs 4,233 crore in 2017-18.
The bank’s results, the first under new Managing Director and CEO Ravneet Gill, were declared after an eight-hour long board meeting on Friday. Gill in a conference call with analysts said the bank would no longer be chasing the high growth targets of the past but would focus on consistent calibrated growth.
