MUMBAI: India’s Yes Bank (YESB.NS) on Saturday reported a near 45% drop in net profit year-on-year for the January-March quarter as provisions for bad loans increased.

Net profit fell to 2.02 billion Indian rupees ($24.63 million) for the reporting quarter from 3.67 billion rupees in the same period a year earlier. Analysts had expected profit to drop to 2.88 billion rupees, according to Refinitiv data.