Yes Bank Q3 profit rises 30.62%
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Mumbai: Yes Bank Ltd on Thursday said its net profit for the December quarter rose 30.62% from a year ago due to higher net interest income and lower provisions.
Net profit for the quarter stood at Rs882.63 crore compared to Rs675.74 crore a year ago. According to 17 analysts polled by Bloomberg, net profit forecast was at Rs822.10 crore.
Net interest income (NII), or the core income that a bank earns by giving loans, increased 30.3% to Rs1,507.50 crore. Other income increased to Rs998.35 crore—a rise of 33.81%.
Provisions and contingencies fell 28.6% to Rs115.38 crore in the quarter from Rs161.67 crore a quarter ago. On a year-on-year basis, it declined 22%.
The bank said it did not sell any loans to asset reconstruction companies, not made any additional restructuring and not refinanced additional account via 5:25 during the quarter.
Gross NPAs rose 9.73% to Rs1,005.85 crore at the end of the December quarter from Rs916.68 crore in the September quarter. As a percentage of total loans, gross NPAs stood at 0.85% at the end of December compared to 0.83% in the previous quarter and 0.66% in the year-ago quarter.
Advances rose 38.7% from a year ago to Rs1.17 trillion, while deposits jumped 30.5% to Rs1.32 trillion.
At 2.30pm, Yes Bank was trading at Rs1,337.75 on BSE, down 0.64% from previous close, while India’s benchmark Sensex rose 0.06% to 27,273.55 points.