China Retirement
China's move to raise the retirement age, the first adjustment since the 1950s, is a critical response to an escalating demographic and economic crisis.
Yes Bank on Friday posted a standalone net loss of Rs 3,788 crore for the fourth quarter ended March 2021 due to a fall in income and jump in provisions for bad loans.
Private sector lender had reported a loss of Rs 3,668 crore in the same period last year. However, due to the exceptional write back of Rs 6,296.94 crore, the bank’s bottom line turned positive at Rs 2,628.61 crore during January-March period of 2019-20.
During the quarter, the total income of the bank declined to Rs 4,805.30 crore from Rs 5,818.59 crore in the same period a year ago, Yes Bank said in a regulatory filing.
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At the same time, provisions (other than tax expense) and contingencies rose to Rs 5,239.59 crore as compared to Rs 4,872.34 crore.
On the asset front, the bank’s gross non-performing assets (NPAs) as of March 31, 2021 stood at 15.41 per cent of the gross advances, slightly down from 16.80 per cent in the year-ago period.
However, net NPAs rose to 5.88 per cent from 5.03 per cent in the year-ago period.
For the full 2020-21 fiscal, the bank narrowed its net loss to Rs 3,462.23 crore from a loss as high as Rs 16,418.02 crore in the previous year.
Total income during the year also witnessed a decline to Rs 23,382.56 crore from Rs 29,508.10 crore a year ago.
The bank said proactive provisioning of Rs 250 crore towards COVID-19 related restructuring (Rs 2,500 crore) is expected to be implemented in first quarter of the current fiscal.
Despite elevated slippages, the bank has prudently made accelerated provisioning reflected in the provision coverage ratio for NPA at 79 per cent, resulting in a net loss of Rs 3,788 crore, it said.
“Deferred tax asset of Rs 9,354 crore as at March 31, 2021 is carried in the balance sheet, as basis financial projections approved by the Board of Directors, there is reasonable certainty of having sufficient taxable income to enable realization of the said deferred tax asset as specified in Accounting Standard 22 (Accounting for Taxes on Income),” it said.
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