YES Bank reports surprise Q4 loss of Rs 1,507 cr as provisions rise

Private lender YES Bank on Friday reported a surprise loss of Rs 1,506.64 crore for the quarter ended March 31 on spike in provisions and contingencies. Analysts in an ET NOW poll had estimated a profit of Rs 1,050 crore.

The bank had posted a net of Rs 1,179.44 crore for the corresponding quarter.

Provisions jumped to Rs 3,661.70 crore in Q4 from Rs 399.64 crore in the year-ago period.

The board of the company proposed a dividend of Rs 2 per equity share, subject to the approval of shareholders.

More to come...