Indian lender Yes Bank's bad loans swells by $457m

This is more than double the $174.86m the bank disclosed as of 30 September.

Bloomberg reports that the Reserve Bank of India has unearthed a further $457m (32.77b rupees) of gross non-performing assets from what corporate and retail banking firm Yes Bank disclosed in 31 March.

The embattled bank has only classified $174.86m (12.59b rupees) of the divergence as bad loans as on 30 September.

An earlier dispute with the central bank over Yes Bank’s reporting of bad debts culminated in co-founder Rana Kapoor’s departure as chief executive officer at the start of this year. New CEO Ravneet Gill is trying to raise funds by December to revive growth and reassure investors that the worst is over for the bank, which has tumbled 65% this year.

The RBI assessed that the bank’s non-performing assets stood at $1.55b (111.6b rupees) as of 31 March, more than the $1.1b (78.8b rupees) Yes Bank had disclosed for the year.

The central bank also found a divergence of $140m (9.78b rupees) in provisions. Yes Bank has made provisions of $48.18m (3.46b rupees) until 30 September and has to set aside a further $88.03m (6.32b rupees) for 2018-19, it said.

Here’s more from Bloomberg.