Delhi MCD Election Results 2017

Source: media reports

Yes Bank April-June net up 84% on non-core income

Yes Bank April-June net up 84% on non-core income
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First Published: Tue, Jul 21 2009. 12 26 AM IST
Updated: Tue, Jul 21 2009. 07 46 PM IST
Mumbai: Private sector lender Yes Bank on Tuesday posted a 84% rise in April-June net profit on higher non-interest income, beating forecasts.
Net profit for the June quarter rose to Rs100 crore, up from Rs543.3 million a year ago. A Reuters poll of analysts had projected net profit at Rs769.75 million.
“The profit growth was driven by net interest income and steady growth in non-interest income,” said Jaideep Iyer, deputy chief financial officer.
Non-interest income, that includes transaction banking, treasury profits and financial advisory, made up 47% of the total net income of the bank in the quarter.
Non-interest income rose 103% to Rs1.45 billion, while interest income rose 45% to Rs1.63 billion in the June quarter.
The net interest margin for June quarter was at 3.1%, up from 2.9% in the same period a year ago.
“We expect to sustain higher interest spread with slight positive bias in the current year,” he said.
Loans rose 26% on year during the period, he said.
Fund Raising
Earlier in the day, the bank’s board approved raising up to $250 million in one or more tranches via equity issue.
“We have no immediate need to raise via equity capital. It may happen in the later part of the fiscal,” Iyer said.
The bank, having capital adequacy levels of 17.63% as on 30 June, will examine options of qualified institutional placement or preference issue while raising capital via equity issue, he said.
“We may require the capital at the end of the financial year to fund network expansion and growth.”
In the current quarter, the bank plans to raise about $150 million via subordinated debt.
Shares in the bank ended 0.07% down at Rs153.45 in a Mumbai market that ended 0.85% down.
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First Published: Tue, Jul 21 2009. 12 26 AM IST