The country’s largest telecom operator Bharti Airtel was on Thursday able to beat analysts’ estimates by posting a consolidated net profit of Rs 97 crore during the April-June quarter, up 17 per cent compared with the preceding quarter, on the back of Rs 515 crore as exceptional gain on account of the creation of deferred tax asset in Nigeria, which was partially offset by a charge towards its network refarming and upgrading programme. Before this exceptional gain the company posted a net loss of Rs 300 crore.
Bloomberg consensus estimates had pegged the firm’s consolidated net loss during the quarter at Rs 427 crore.
The competitive pressure on the company since the commercial launch of Reliance Jio continues unabated and was reflected in the earnings of the India business, where it posted a net loss of Rs 940 crore, much wider than the loss of Rs 652 crore in the preceding quarter.—FE
Yes Bank net up 30%
Mumbai, July 26: Yes Bank has reported a 30.5 per cent jump in net profit to Rs 1,260.36 crore for the first quarter ended on June 2018 as against a net profit of Rs 965.52 crore in the same quarter of last fiscal.
Total income of the bank jumped to Rs 8,272.18 crore in the April-June quarter, up 42.96 per cent from Rs 5,785.96 crore in the same quarter of 2017-18. However, provisions for bad loans and contingencies more than doubled to Rs 625.65 crore in the June quarter from Rs 285.78 crore in the year ago period. The increase in provisions was on account of rise in gross non-performing assets (NPAs) to 1.31 per cent of advances as of June 2018 against 0.97 per cent as of June 2017.
In the second list of stressed assets referred to NCLT, the bank has total exposure of Rs 654.7 crore across seven accounts. The bank reported a 22.7 per cent growth in net interest income to Rs 2,219.1 crore in the first quarter while its non-interest income grew by 49.6 per cent year-on-year to Rs 1,694.1 crore. — ENS