Yes Bank has acquired additional shares in J.C. Flowers Asset Reconstruction (JC Flowers ARC) to reinstate the bank’s stake to 9.9% in the company, the private lender informed in its filing to the exchanges in the wee hours on Saturday.
On November 28, 2022, the bank had acquired 9.9% of the equity share capital of JC Flower ARC, which fell to 5.01% as a result of certain corporate actions in JC Flowers ARC, the filing said.
“In accordance with a share subscription and purchase agreement, the bank has now acquired additional shares in JC Flowers ARC so as to reinstate the bank’s stake to 9.9%,” the exchange filing said.
Shares of Yes Bank ended at Rs 16 on the NSE up 0.63% on Friday.
YES Bank reported a 47.4% year-on-year (YoY) growth in net profit for the quarter ended September to Rs 225 crore. Total income from operations increased by 25% on year to Rs 7,921 crore.
However, net interest income (NII), the difference between interest earned and interest expended, declined 3.3% on year to Rs 1,925 crore. Provisions and contingencies for the quarter were Rs 500 crore, compared to Rs 583 crore a year ago.
Its gross non-performing assets ratio as of September 30, was 2.0%, unchanged from the quarter-ago period, but sharply lower than 12.9% a year ago. Net non-performing assets ratio as of September end was 0.9%, compared to 3.6% a year ago, and 1.0% a quarter ago.
Meanwhile, operating profit for the quarter rose a mere 1.4% on year to Rs 801 crore. The capital adequacy ratio as of September end was 17.1%, compared to 18.2% a quarter ago.
Other income during the quarter rose to Rs 1,210 crore from Rs 874 crore a year ago. Operating expenses increased to Rs 2,334 crore during the quarter, from Rs 2,075 crore a year ago.
Source: Economic Times