Yes Bank Q2 profit jumps 30% to Rs483 crore
Profit rose due to higher net interest income and a drop in provisions for bad loans compared with year-ago quarter
Mumbai: Private sector Yes Bank Ltd on Thursday said net profit rose 30% to ₹ 483 crore in the September quarter from ₹ 371 crore in the year-ago quarter.
Net profit was higher than the ₹ 457 crore forecast by 33 analysts polled by Bloomberg.
Profit increased mainly because of higher net interest income and a drop in provisions for bad loans compared with last year.
Net interest income (NII), or the core income a bank earns by giving loans, increased 27% to ₹ 856 crore from ₹ 672 crore last year.
Provisions for bad loans dropped 33% to ₹ 120 crore in the quarter ended September from ₹ 179 crore a year ago. Net non-performing assets (NPAs) increased slightly to 0.09% from 0.04% in the same quarter last year.
Higher net interest margin (NIM) also helped the bank improve profitability. NIM, or the difference between interest expended and that earned on loans, improved to 3.2% from 2.9% in the corresponding quarter last year.
Yes Bank shares were trading up 2.1% at ₹ 652 apiece at 12pm, while the 30-share benchmark Sensex was trading at 27,259, up 0.6%.
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