Yes Bank reported lower non-performing assets in March 2016, according to annual report disclosure
Its shares fell by almost 4% after the central bank made public its annual report for fiscal year 2017.
Yes Bank had under-reported its non-performing assets at the end of March 2016, according to an annual report disclosure mandated by the Reserve Bank of India. While the private bank had reported gross bad loans of Rs 748.98 crore, RBI’s assessment revealed that the figure was actually around Rs 4,925 crore, Mint reported on Friday.
Yes Bank’s shares fell by almost 4% after the central bank made public its report for fiscal year 2017.
According to a new rule introduced by the RBI, banks will have to disclose the assessment of their bad loans by the RBI, if there is a difference of more than 15% in what they had reported. Yes Bank reported a net profit of Rs 3,330.1 crore for fiscal year 2017.
“The disclosure on divergence in asset classification and provisions in NPAs in the Annual Audited Financial Statement is in conformity with the RBI circular issued on April 18, 2017,” the bank said. “No Carry Forward impact of the divergence observed by RBI in FY 2017-2018.”