Yes Bank shares soar 7% after lender invites bids for sale of Rs 4,234 cr NPAs

The private sector lender has invited bids for sale of stressed loans by December 18

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Shares of Yes Bank jumped 7 percent to hit day’s high of Rs 21.68 per share on December 12 as the private sector lender eyes buyers for its corporate and retail loans with outstanding debt of Rs 4,234 crore.

In the past one month, the stock of Yes Bank has surged over 17 percent as against 7 percent rise in the benchmark Sensex.

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According to bank notice, Yes Bank has invited expressions of interest (EoI) for proposed sale of non-performing assets (NPAs) worth Rs 4,234 crore. The bids have been invited to determine anchor bid for stressed assets sale, all of which will be offered on an upfront 100 percent cash basis.

Around eight companies turned NPA between September 2019 and June 2022. These included Katerra India, Indrajit Power, ATS Realworth, ATS Infrastructure, ATS Realworth, ATS Township, Umritha Infrastructure Development, and UK-based Malvern Travel, and Prometheon Enterprises.

Also Read | Yes Bank – Why investors should exercise caution after the recent rally

The private sector lender has invited bids for sale of stressed loans by December 18.

ALSO READ: Yes Bank – Why investors should exercise caution after the recent rally

As of September 2023, Yes Bank had gross NPAs of Rs 4,319 crore, of which corporate banking NPAs were Rs 2,236 crore, mid-corporate NPAs were Rs 219 crore, SME NPAs were Rs 452 crore, and retail NPAs at Rs 1,413 crore.

In the July-September quarter, Yes Bank’s net profit rose 47.4 percent year-on-year (YoY), while net interest income was up 3.3 percent YoY.

Post Q2 results, analysts at Kotak Institutional Equities continued to maintain ‘reduce’ rating on Yes Bank, saying that the lender’s return on equity (RoE) is still weak at 2 percent, and the path to normalised RoE versus peers is still a few years away.

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