Yes Bank Q1 net profit plunges 60% to ₹45 cr1 min read . Updated: 28 Jul 2020, 04:29 PM IST
- The bank makes Covid-related provisioning of ₹642 cr
- On a quarterly basis, deposits grew 11% to ₹1,17,360 crore
New Delhi: Private lender Yes Bank on Tuesday reported 60% decline in its standalone net profit for June quarter at ₹45 crore.
The lender had reported net profit of ₹114 crore in the year-ago period.
Yes Bank's Q1 asset quality remains nearly the same compared to the previous quarter. The bank's gross non-performing assets was at 17.3% of gross advances as against 16.8% in March quarter while the net NPA stood at 4.96% as against 5.03% a quarter ago.
Total provisions for Q1FY21 are at ₹1,087 crore, including ₹642 crore of Covid-19-related provisioning.
On a quarterly basis, deposits grew 11% to ₹1,17,360 crore. "During the quarter, intensified client outreach resulted in win back of mandates and acceleration in customer acquisition," the bank said.
The bank recently raised ₹15,000 crore through an FPO, after which SBI's stake in it fell to 30% from the earlier 48.21%.
The beleaguered bank's net interest income declined 16.3% to ₹1,908 crore as compared to ₹2,281 crore a year ago.
However, the bank's Provision Coverage Ratio in June quarter improved to 75.1% as compared to 73.8% a quarter ago.
Yes Bank was near bankrupt in March and was rescued by a Reserve Bank-led bailout plan under which SBI picked up 49% equity in the once-storied private sector lender.
Total income (standalone) for the April-June quarter of 2020-21 fell by 32.8 per cent to ₹6,106.74 crore, from ₹9,088.80 crore in same period of 2019-20, Yes Bank said in a regulatory filing.
Interest income was down at ₹5,486.08 crore for the quarter, compared to ₹7,816.14 crore a year ago.
The bank's provisions for bad loans and contingencies for the quarter fell to ₹1,086.61 crore from ₹1,784.11 crore in the year-ago period.
On consolidated basis, the bank's net profit in June quarter fell to ₹34.05 crore from ₹95.56 crore a year ago. Income also declined to ₹6,122.62 crore from ₹9,105.79 crore.
On Tuesday, the bank's scrip on BSE closed 3.2% lower at ₹11.90.