The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
Yes Bank Ltd, the Indian lender that’s been courting investors following management turmoil and scrutiny of bad loans, posted a bigger-than-expected second-quarter loss as soured debt increased and the firm took a one-time charge.
The loss totalled 6 billion rupees ($84.7 million) for the three months ended on September 30, compared with net income of 9.65 billion rupees a year earlier.
Analysts expected a loss of 4 billion rupees, according to the average estimate compiled by Bloomberg.
The results come a day after the bank announced a binding offer from an unidentified global investor to inject $1.2b.