Yes Bank acquires 9.9% stake in JC Flowers ARC

After transfer of bad loans to the ARC, bank’s top boss Prashant Kumar believes the GNPA ratio can fall to under two percent

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Yes Bank has inked the share purchase agreement (SPA) with JC Flowers Asset Reconstruction Company (ARC), acquiring a 9.9 percent stake in the ARC at Rs 11.43 per share, the private sector lender informed bourses after market hours on November 28.

A subsequent acquisition of additional shareholding of 10 percent is subject to requisite regulatory approvals, the bank said.

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On September 20, Yes Bank’s board had approved the sale of stressed loans worth Rs 48,000 crore to JC Flowers, after receiving no other challenger bids.

The bank intends to participate as a minority shareholder in the ARC. “This will be an ancillary to the main line of business of the bank”, it said. As of 31 March, 2022, JC Flowers ARC had Rs 595 crore in assets under management with annual turnover of Rs 19.9 crore.

For the three-month ended 30 September, 2022, Yes Bank’s standalone net profit dropped by 32.2 percent year-on-year to Rs 152.8 crore. In the corresponding period of the past fiscal, the private lender’s net profit stood at Rs 225.50 crore.

Total income during Q2 FY23, however, was higher at Rs 6,394.11 crore as against Rs 5,430.30 crore in the same period a year ago. Gross non-performing assets (NPAs or bad loans) came down to 12.89 percent of gross advances as against 14.97 percent in the year-ago period.

After transfer of bad loans to the ARC, bank’s top boss Prashant Kumar believes the GNPA ratio can fall further to under two percent.