Mumbai: Under a new head after the forced exit of its promoter-chief executive Rana Kapoor, Yes Bank on Friday reported a whopping Rs. 1,506 crore net loss for the March quarter as against a profit of Rs. 1,179 crore in the year-ago period as provisions soared over nine-times. Higher provisions for possible reverses, including a massive Rs. 2,100-crore contingency reserve, was the prime reason for the massive loss, the bank said.

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.

YES Bank shares rose 4 per cent to Rs 270 in intra-day trade on the BSE on Tuesday after the private lender announced fundraising plan by way of issuance of equity shares.

The board of directors of the bank is scheduled to meet on April 26, 2019 to consider raising of funds by way of issuance of equity shares including but not limited through preferential issue and/or Qualified Institutions Placement (QIP)/ Global Depository Receipts (GDRs)/ American Depository Receipts (ADRs)/ Foreign Currency Convertible Bonds (FCCBs)/ or any other methods on private placement basis, YES Bank said in a BSE filing.

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Private sector lender Yes Bank Tuesday said the Reserve Bank of India has slapped a fine of Rs 1 crore on the bank for non-compliance of directions on Swift messaging software.

“The Reserve Bank of India (RBI)… has levied an aggregate penalty of Rs 10 million (Rs 1 crore) on the bank for non-compliance of regulatory directions observed during assessment of implementation of SWIFT-related operational controls,” Yes Bank said in a regulatory filing.

Ravneet Gill took charge as managing director (MD) and chief executive officer (CEO) of YES Bank on Friday for a three-year term, subject to shareholder approval.

A career banker with a long innings at Deutsche Bank, Gill comes in place of Rana Kapoor, the bank’s co-promoter and former MD and CEO.

Ratings agency Moody’s chan­ged the outlook for YES Bank from negative to stable on Wednesday, citing the ba­nk’s zero divergence report an­d stable financial performance.

Moody’s affirmed YES Bank’s foreign currency issuer rating of Ba1, the bank's foreign and local currency bank deposit ratings of Ba1/NP, foreign currency senior unsecured MTN program rating of (P)Ba1, and Baseline Credit Assessment (BCA) and adjusted BCA of ba2, along with other ratings.

Mumbai: Yes Bank Ltd. fell after India’s central bank reprimanded it for selectively revealing a “confidential" report by the regulator that led to a 30 percent surge in the lender’s shares Thursday. The regulator called the disclosure a “deliberate attempt" to mislead the public.

The Reserve Bank of India (RBI) has warned YES Bank that it might face regulatory action for allegedly violating a confidentiality clause by disclosing a nil divergence report. In a letter to the private lender, the regulator said the bank had violated regulatory guidelines in the press release where it had made this disclosure last week.

Nil divergence is not an achievement to be published and is only compliance with the extant Income Recognition and Asset Classification norms, said the RBI’s letter.

Shares of India’s major private sector lender Yes Bank surged in trade on Thursday morning after the RBI cleared the bank of divergence. Yes Bank share price gained by nearly 30% to hit the day’s high at Rs 220.25 on NSE this morning. Yes Bank said yesterday that the RBI has not found any divergence in the asset classification and provisioning done during 2017-18.

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