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Yes Bank to raise up to ₹2,500 crore in debt

1 min read 23 Jun 2023, 06:37 PM IST Livemint

Yes Bank reported a net profit of ₹202 crore in the three months to March as against a profit of ₹367 crore in the same period last year owing to higher provisions.

FILE PHOTO: A watchman steps out of a Yes Bank branch in Mumbai. REUTERS/Francis Mascarenhas/File Photo (REUTERS) — FILE PHOTO: A watchman steps out of a Yes Bank branch in Mumbai. REUTERS/Francis Mascarenhas/File Photo **(REUTERS)**

Mumbai: Private sector lender Yes Bank on Friday said its board has approved raising up to ₹2,500 crore in debt.

This fundraise in rupees or a foreign currency could be through non-convertible debentures, bonds or medium-term notes, among others, it said in a regulatory filing. The proposal will be voted on by shareholders at the bank’s annual general meeting on 18 August. The bank’s total capital adequacy ratio stood at 17.9% as on 31 March, up 50 basis points (bps) from 31 March 2022.

Yes Bank reported a net profit of ₹202 crore in the three months to March as against a profit of ₹367 crore in the same period last year owing to higher provisions. Its total provisions stood at ₹618 crore in Q4 FY23, more than double of what it had reported in the same period last year.

The private sector lender’s net interest margin (NIM), a key measure of profitability, was at 2.8% in Q4 FY23, up 30 basis points (bps) from Q3 FY23. Its net interest income (NII), difference between interest earned and expended, stood at ₹2,105 crore, up 15.7% on a year-on-year (y-o-y) basis.