MUMBAI, Jan 28 (Reuters): India's Yes Bank said net profit more than quadrupled in the October-December period, helped by a drop in loan-loss provisions and healthy growth in lending, but the result fell short of market expectations.
Standalone net profit rose to 2.31 billion rupees ($27.8 million) in the financial third quarter, the Mumbai-based private lender said on Saturday, up from 515.20 million rupees in the same period a year earlier.
Analysts on average had expected a net profit of 3.43 billion rupees, according to LSEG data.
Yes Bank took a sharp hit on profits in the year-earlier quarter as it set aside more provisions on its balance sheet after transferring bad loans to private equity firm J.C. Flowers.
India’s Yes Bank quarterly profit surges
FE Team | Published: January 28, 2024 23:40:11
India’s Yes Bank quarterly profit surges
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