Private institutions from HDFC to ICICI are joining a $1.4 bln state-led rescue of Yes Bank to help restore systemic confidence. With more bad debt bound to turn up, though, it is also an early drain on limited resources, writes ugalani:
Troubled Indian lender Yes Bank on March 14 reported a quarterly loss of INR 185.6 billion rupees and that its gross non-performing loans represented 19% of the total at the end of December.
Its common equity Tier 1 capital ratio was 0.6%, but the bank said it would rise to 7.6% after the implementation of a rescue outlined a day earlier. Under the plan, State Bank of India and private financial institutions will subscribe to new Yes Bank shares worth 100 billion rupees , Yes Bank confirmed on March 14.
Housing Development Finance Corporation, ICICI Bank, Axis Bank, Kotak Mahindra Bank, The Federal Bank, Bandhan Bank and IDFC First Bank will contribute about 40% of the funding. They each will be required to hold 75% of their allotted shares for three years. SBI will account for the remainder of the new funds and will be required to keep its stake above 26% for three years.
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