8:10 AM
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The Enforcement Directorate on Saturday "seized" Rs 5,551 crore in the bank accounts of Chinese mobile manufacturing company Xiaomi for alleged violation of Indian foreign exchange rules.
7:13 AM
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Yes Bank on Saturday said it is on track to set up its asset reconstruction company (ARC) and is on the lookout for partners. “The process to form the ARC and complete the transfer of legacy stressed assets is on track and we expect to complete this by the end of the current quarter,” Yes Bank chief executive Prashant Kumar said.
He added that the way in which Yes Bank is moving ahead is in line with regulatory requirements. In the meantime, the bank does not intend to sell any of its bad assets to other ARCs.
“We are trying to have a partner to form an ARC where the stressed pool of the bank can be transferred in a transparent manner,” Kumar said. Last year, the bank’s proposal to set up an ARC had been turned down by the Reserve Bank of India (RBI) in the form in which it was originally envisaged.
7:12 AM
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6:13 AM
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Mumbai-headquartered Yes Bank on Saturday reported a net profit of Rs 367 crore in the March quarter of FY22. The private-sector lender had incurred a loss of Rs 3,788 crore in the corresponding quarter a year ago. Its performance was led by strong growth in net interest income (NII) and a decline in provisions.
NII rose 84% year-on-year (y-o-y) to Rs 1,819 crore, while provisions dropped 95% to Rs 271 crore. The bank’s net interest margin (NIM), a key measure of profitability, rose 10 basis points (bps) sequentially to 2.5%.
The advances book grew 8% y-o-y to Rs 1.81 trillion as on March 31. Retail advances accounted for 36% of the loan book at the end of March 2022, as against 33.7% a quarter ago. Deposits stood at Rs 1.97 trillion at the end of March, up 21% y-o-y and 7% sequentially. The current account savings account (CASA) ratio stood at 31.1% in Q4FY22, up from 26.1% a year ago.
Prashant Kumar, MD & CEO, Yes Bank, said that the lender is now acquiring more than a lakh CASA customers on a monthly basis. “The important point is that the growth in liabilities has come despite reductions in interest rate, a reflection of our superior customer service and stakeholder confidence,” he said.
The bank saw fresh slippages worth Rs 802 crore during Q4, lower than Rs 978 crore in the previous quarter. Corporate slippages fell to Rs 373 crore from Rs 435 crore in Q3, while retail slippages were down to Rs 333 crore from Rs 388 crore. Recoveries and upgrades stood at Rs 1,828 crore, up from Rs 1,182 crore in Q3FY22.
Yes Bank’s gross non-performing asset (NPA) ratio fell 80 bps sequentially to 13.9% and the net NPA ratio fell by a similar amount to 4.5%.
The capital adequacy ratio of Yes Bank as per Basel III, stood at 17.4% as on March 31. The common equity tier-I (CET-I) ratio was at 11.6% at the end of March.
1:03 AM
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Most OPBs are investing in technology to attract young customers. According to analysts, they invest Rs 100-250 crore every year on modernisation. Still, at a functional level, they have not been able to reach the levels of an HDFC Bank or ICICI Bank. But tech systems of some of them are better.
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