Yes Bank Q1 profit jumps 31.94% to Rs965.52 crore
Mumbai: Private sector lender Yes Bank Ltd on Wednesday said its June quarter net profit rose 31.94% to Rs965.52 crore from Rs731.80 crore a year ago on higher income.
The bank’s board also cleared a stock split in the ratio of 1:5. Profit was higher than the Rs948.4 crore estimated by a Bloomberg poll of 17 analysts.
Net interest income, or the difference between interest earned on loans and that paid on deposits, increased 44.01% to Rs1,808.93 crore from Rs1,256.10 crore in the corresponding period last year.
Other income, which includes core fee income, rose 17.81% to Rs1,132.16 crore in the three months ended 30 June, from Rs961 crore a year ago.
Gross non-performing assets (NPAs) as a percentage of total advances stood at 0.97% in the quarter under review, compared to 0.79% in the year-ago quarter. In January-March quarter it was 1.52%. The bank increased provisions during the quarter to Rs285.78 crore, against Rs206.63 crore in the year-ago quarter, an increase of 38.31%.
In the January-March quarter, the bank had set aside Rs309.73 crore. After provisions, the net NPA ratio was at 0.39%, against 0.29% in the year-ago period.
On Wednesday, Yes Bank closed at Rs1,712.55 per share, up 6.10%, while the benchmark Sensex index was up 0.48% to 32,382.46 points.