Yes Bank Q2 net jumps over two-fold to Rs45 cr

Yes Bank Q2 net jumps over two-fold to Rs45 cr

Mumbai: Fuelled by robust growth in interest, non-interest income and advances, Yes Bank on 17 October posted a two-fold jump in its net profit at Rs45.28 crore in the second quarter this year against Rs21.49 crore in the same period last fiscal.

While the bank’s advances rose 101% at Rs7,515.9 crore during July-September period against Rs3,730 crore in the corresponding period a year ago, its interest and non-interest income zoomed 134.6% and 107.1% at Rs303.45 crore and Rs75.93 crore respectively.

“The second quarter results reflect significant growth across all key financial parameters," Yes Bank managing director and CEO Rana Kapoor said.

Total income of the bank increased 128.5% at Rs379.38 crore in the quarter as against Rs166.01-crore in the year-ago period.

The bank’s operating profit stood at 67.40-crore this quarter, up 93% against the year-ago figure of 34.93 crore.

Total deposits of the bank stood at Rs9,930 crore at end-September, up 129.3% compared to Rs4,329.85 crore in the corresponding period of the last fiscal.

The bank’s return on assets (annualised) stood at 1.43% while on return on equity (annualised) stood at 21.4% as at end Q2 FY’08.

Its capital adequacy ratio stood at 13.02%.

The private sector lender said it was ready to operationalise 56 off-site ATMs in Mumbai and the NCR region and six new branches, taking its branch network to 60 compared to 22 as on 30 September 2006. Yes Bank has received additional licences to open 56 new branches and 125 off-site ATMs taking its total licensed network to 116 branches and around 200 off-site ATMs.