While most analysts had expected Yes Bank to post a profit for Q4FY19, the Bank shocked everyone with its highest quarterly loss of Rs.1506 crore. Following this, many brokerages have downgraded the stock and the price seems to be in a sense of free fall today.
The loss comes on the back of a profit of Rs.1180 crore in previous Q4. The moot point was the 9-times surge in total provisioning at Rs.3662 crore v/s Rs.400 crore (YoY).
But for a Rs 831-crore write-back, Yes Bank’s loss for the quarter would have been even more higher.
Overall slippages stood at Rs 3,481 crore, which included Rs 552 crore exposure to Jet Airways. The bank has outstanding loan of Rs 2,528 crore to various companies and SPVs of IL&FS Group, of which Rs 2,442.05 crore has been classified as NPA with specific provision of Rs 610.51 crore.
Not surprisingly, Yes Bank is the top loser on the BSE since opening bell, and the stock has been losing for the last 3 days and has fallen 27% in the period. It touched an intraday low of Rs 173, down 27%.