Mumbai: Yes Bank Ltd on Wednesday said third-quarter profit rose 30% to ₹ 540.29 crore from ₹ 415.60 crore in the same period last year.
The profit increased mainly because of higher net interest income and other income. The bank’s profit was higher than the ₹ 519 crore estimated by 18 analysts polled by Bloomberg.
Net interest income (NII), or the income a bank earns by giving loans, increased 36.6% to ₹ 909.02 crore from ₹ 665.45 crore last year.
“Yes Bank has delivered another steady quarter with healthy growth in the net profit driven by sustained increase in NII, expanding net interest margin (NIM) and stable asset quality,” Rana Kapoor, managing director and chief executive said.
NIM is short for net interest margin, or the difference between interest earned on loans and interest paid on deposits. Yes Bank’s NIM improved to 3.2% from 2.9% last year.
Provisions and contingencies jumped 426% from a year ago to ₹ 69.86 crore. Other income for the quarter was at ₹ 536.81 crore, up 38.4% from a year ago.
Net non-performing assets (NPAs) rose to 0.1% versus 0.08% last year while gross NPA rose 0.42% versus 0.39% last year.
At 12.03 pm, Yes Bank was trading at ₹ 783.85 on BSE, up 0.23%, while India’s benchmark Sensex gained 0.28% to 27,349.42 points.
