The new Yes Bank management expects its huge bad loans problem to spill over into the next financial year as well, although CEO-designate Prashant Kumar is confident of reviving the crisis-ridden private sector lender after the fresh Rs 10,000-crore capital infusion led by SBI.
Yes Bank has piled up a massive loss of Rs 18,654 crore for the October-December quarter and is facing a major crisis with its customers withdrawing their deposits as they have lost faith in the bank.
Kumar has already started cleaning up the books of Yes Bank to pave the way for its turnaround.
The lender said its asset quality took a severe beating in the third quarter, with gross bad loans as a percentage of total rising to 18.87% as of December-end, from 2.1% a year earlier.
In its investor presentation, Yes Bank said slippages in loan repayments, which went up to Rs 24,587 crore in the October-Dec quarter, will normalize only in 2021-22.
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