India’s Yes Bank records 45% net profit drop: report

Net profit fell much lower than anticipated by analysts.

India’s Yes Bank reported a 45% drop in net profit for the January to March quarter.

The bank increased its buffers for bad loans during the quarter.

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Net profit fell to $24.63m for the quarter; or IND2.02b, less than the IND3.75b reported in the same quarter in 2022. 

This is much lower than analyst expectations, which forecasted a drop to IND2.88b for the quarter. 

Read from Reuters:

(IND82.03 = $1)