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Business News/ Companies / Yes Bank quarterly net beats forecast on loan growth
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Yes Bank quarterly net beats forecast on loan growth

Yes Bank quarterly net beats forecast on loan growth

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Mumbai: Private sector lender Yes Bank on Wednesday posted a 19% rise in October-December net profit, helped by higher loan growth that pushed up interest income for the bank.

Net profit for the quarter rose to Rs125 crore, up from Rs105 crore a year ago, beating a Reuters poll estimate of Rs99.43 crore.

“Record profits were on the back of higher loan growth, resulting in higher interest income," Rana Kapoor, its managing director and chief executive officer, said.

Loans rose 71.1% on year in the December quarter, while net interest income rose 69.5% to Rs210 crore in the same period.

Its non-interest income comprising transaction banking, financial advisory and third party distribution of products rose 32.5% on year.

“The results were largely on expected lines," said Alpesh Mehta, analyst at Motilal Oswal.

“Profit was mostly led by rise in loans and expansion of margins," Mehta said.

The bank’s cost of funds fell to 6.6% from 9.6% a year ago, helping net interest margins rise to 3.1%, from 2.8% a year ago. The bank’s non-performing assets as a proportion of net advances was at 0.9%, compared to 0.15% on year. The bank’s loan loss coverage ratio stood at 270%.

The bank’s capital adequacy ratio was at 16.2%.

At 12.14 pm, shares in the bank fell 2.45% at Rs277 in the Mumbai market that was up 0.1%.

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Published: 20 Jan 2010, 12:53 PM IST
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