The very next day, Yes Bank reported a loss of ₹600 crore due to a decline of 20% in revenue and rise in costs. Operating profit fell 40% and gross non-perfoming loans rose to ₹17,100 crore nearly two and a half times more compared to three months ago, as mentioned earlier. This is more than the ₹10,000 crore that the bank had warned about in April 2019 right after Gill took over. And according to Emkay Global Financial Services, the bad loans may get worse.
The wait is for a white knight and the rumour mill is working overtime. After reports that SPGP may be interested, IANS, a wire agency reported that the Government of Singapore is negotiating with Indian Prime Minister’s Office and the Reserve Bank of India (RBI) for DBS to acquire a 51% stake in Yes Bank— which DBS has denied subsequently.