Mumbai: Yes Bank Ltd on Thursday reported a 29% jump in its March quarter net profit due to higher net interest income and other income.

Net profit for the quarter stood at Rs1,179.44 crore against Rs914.12 crore a year ago. According to 21 Bloomberg analysts’ estimates, the bank was expected to post a profit of Rs1,085.40 crore.

Net interest income (NII), or the core income a bank earns by giving loans, increased 31.4% to Rs2,154.24 crore as against Rs1,639.70 crore last year. Other income was at Rs1,420.97 crore, up 0.13% from Rs1,257.39 crore a year ago.

Provisions and contingencies rose 29% to Rs399.64 crore in the quarter from Rs309.73 crore a year ago. On a quarter-on-quarter basis, they fell 5.16% from Rs421.32 crore.

The divergence in gross bad loans, the difference between Reserve Bank of India’s assessment and that reported by the lender, stood at around Rs6,355.20 crore at end March 2018, while divergence in provisions was at Rs1,535.90 crore.

Yes Bank’s gross non-performing assets (NPAs) as assessed by the Reserve Bank of India (RBI) stood at Rs8,373.80 crore as of March 2017, the bank said. It had reported gross NPAs of Rs2,018.60 crore as on March 2017. Gross non-performing assets (NPAs) advanced 30.13% to Rs2,626.80 crore at the end of the March quarter.

However, the bank said the net impact of fiscal year 2017 diversion has been duly reflected in FY18 earnings. The bank also said that it has recognized the entire net mark to mark loss on investments in respective quarters.

As a percentage of total loans, gross NPAs stood at 1.28% as compared to 1.72% in the previous quarter and 1.52% in the year-ago quarter. Net NPAs were at 0.64% in the March quarter compared to 0.93% in the previous quarter and 0.81% in the same quarter last year.

Advances for the quarter rose 53.9% from a year ago to 2.04 trillion while deposits gained 40.5% to 2.01 trillion.

At 2.15pm, Yes Bank shares were trading at Rs337.50 on BSE, up 3.8% from their previous close while India’s benchmark Sensex index gained 0.27% to 34,593.67 points.