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“This is with reference to our earlier disclosure pertaining to Sale of NPA Portfolio to JC Flowers ARC on December 17, 2022,” the private bank informed in a statement.
The filing stated, “Since this amount (in excess of the underlying carrying value of the trust), is more than the materiality threshold as prescribed under the amended Listing Regulations, the said event, is being hereby disclosed under Regulations 30 of Listing Regulations.”
Meanwhile, the bank received an order from the Goods and Services Tax (GST) department, Tamil Nadu on 31 December 2023 raising demand for tax liability and interest on various GST issues in addition to levy of a penalty of Rs 3.01 crore.
The tax and interest demand in this matter is below the material threshold limit currently applicable to the bank, it added.
Yes Bank said that it believes that it has adequate legal grounds to reasonably substantiate its position in this matter and does not expect any material impact on financial, operation or other activities of the bank due to the said order. The lender would pursue an appeal / evaluate other legal options against the said order.
Yes Bank is a full-service commercial bank providing a complete range of products, services and technology driven digital offerings, catering to retail, MSME as well as corporate clients.
The private lender's standalone net profit jumped 47.37% to Rs 225.21 crore on 24.76% increase in total income to Rs 7,920.68 crore in Q2 FY24 over Q2 FY23.
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