Sumitomo-backed Yes Bank faces up to Rs.5,200 crore earnings hit as SC upholds squashing of its AT-1 bonds write-off
New Delhi, Oct. 18 -- Yes Bank would have reported a net loss of Rs.5,217 crore in the September quarter had it recognised the impact of the Supreme Court verdict overturning the write-off of its additional tier-1 (AT-1) bonds worth Rs.8,415 crore, the bank said in its Q2 investor presentation filed with the stock exchanges.
The private-sector lender, 24.9% owned by Japan's Sumitomo Mitsui Banking Corporation, reported a net profit of Rs.1,080 crore for the July-September, according to earnings announced on Saturday.
Had the judgement's impact been known, its CET-1 capital ratio would have dropped to 11.4% from the reported 13.7%, while its return on assets would have turned negative at 4.3%, compared with the reported positive 0.9%.
T...
Click here to read full article from source
To read the full article or to get the complete feed from this publication, please
Contact Us.