Yes Bank on Friday posted a higher-than-expected loss for the quarter ended March 31, 2021. The private sector lender reported a net loss of Rs 3,787.75 crore against a loss of Rs 3,668.33 crore in the same period of the previous year.

                                       

Analysts had expected Yes Bank to suffer a net loss of

Rs 500-1,000 crore.

The widening of losses came on the back of a steep fall in its core net interest (yes bank share price)  income (NII-interest earned minus interest expended) which declined to Rs 987 crore from Rs 2,560 crore in the preceding three months and Rs 1,274 crore in the same period of the previous year.

Moreover, provisions also rose to Rs 5,240 crore, a sequential jump of 138 per cent over Rs 2,199 crore and a 7.5 per cent rise over Rs 4,872 crore in the year-ago period.

While gross non performing assets (NPAs) in absolute terms fell to Rs 28,609.53 crore from Rs 32,877.59 crore in the same period of the previous year, the percentage of gross NPAs during the quarter stood at 15.41 per cent against 16.80 per cent.

Marico net

FMCG firm Marico Ltd on Friday reported a 14.07 percent (yes bank share price)  increase in its consolidated net profit at Rs 227 crore for the March 2021 quarter, helped by double-digit volume growth in the domestic market. The company had posted a net profit of Rs 199 crore in the year-ago quarter.

Revenue from operations of the Mumbai-based firm was up 34.49 per cent at Rs 2,012 crore during the quarter under review against Rs 1,496 crore in the year-ago period.

SBI General Insurance

Private non-life insurer SBI General Insurance on Friday said its net profit grew 32 percent to Rs 544 crore in the fiscal ended March 3, 2021. The gross written premium rose 22 per cent to Rs 8,312 crore during the fiscal from Rs 6,840 crore in 2019-20. During the year, its solvency ratio stood at 2 against 2.27 in the previous fiscal.