On Saturday, Private lender Yes Bank Ltd reported 45% drop in standalone net profit at Rs 202 crore for the quarter ending March 31, 2023 as provisions for bad loans increased.
Prashant Kumar, MD & CEO, Yes Bank said, “Over the last three years, the Bank has significantly progressed on several strategic objectives such as strengthening of Governance and Compliance Standards, bolstering the Balance Sheet through granularity, addressing the asset quality concerns, building up a strong liability franchise and expanding the customer base.”
Earlier, Yes Bank’s provisions and contingencies increased to Rs 618 crore from Rs 271 crore a year.
