NEW DELHI (Reuters) – India’s Yes Bank said third-quarter net profit more than quadrupled, helped by a drop in loan-loss provisions and healthy growth in loans, but the result still fell short of expectations.
The Mumbai-based private lender’s standalone net profit rose to 2.31 billion rupees ($27.8 million) in the three months ended Dec. 31, it said on Saturday. That was up from 515.20 million rupees in the same period a year earlier.
Analysts, on average, had expected a net profit of 3.43 billion rupees, according to LSEG data.
Provisions and contingencies fell to 5.55 billion rupees from 8.45 billion rupees a year earlier.
($1 = 83.1150 Indian rupees)
(Reporting by Siddhi Nayak and Manoj Kumar; Editing by Edwina Gibbs)
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