According to the filing, the bank has effectively exited the Reconstruction Scheme with the formation of an alternate board beginning on July 15, 2022.
Digital Desk: YES Bank reported a 50 percent increase in net profit at Rs 311 crore for the June quarter 2022-23 on a fall in provisions for bad loans and healthy income growth.
According to a regulatory filing, the bank reported a net profit of Rs 207 crore at the same time last year.
In comparison to the same quarter in 2021–22, total revenue increased to Rs 5,916 crore during the quarter.
The private sector lender reduced its bad assets, and as of June 30, 2022, gross non-performing assets (NPAs) were down to 13.45 percent of gross advances, down from June-end 2021's 15.60 percent.
Net NPAs, or bad loans, also decreased from 5.78% to 4.17%.
For the quarter under review, bad loan and contingency provisions dropped from Rs 457 crore to Rs 175 crore.
According to the filing, the bank has effectively exited the Reconstruction Scheme with the formation of an alternate board beginning on July 15, 2022.
The statement stated , Prashant Kumar should be appointed as MD and CEO for a period of three years "subject to approval of the Reserve Bank of India and shareholders."
Additionally, the bank and JC Flowers have entered into a legally binding term sheet to establish an asset reconstruction company with the aim of selling a specified pool of stressed assets valued at close to Rs 48,000 crore.
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