BackYes Bank Q1 results 2023: Net profit rises 10%, total income surges 29%. Cuts provisioning over 41% on QoQ basis
Yes Bank Q1 results 2023: The private lender has reported YoY rise in net profit to the tune of 29 per cent in Q1FY24
PremiumYes Bank Q1 results 2023: Yes Bank has declared its earnings for the first quarter for the financial year 2023-24. The private lender has reported YoY rise in net profit to the tune of 10 per cent in Q1FY24 to ₹342.52 crore against the net profit of ₹310.63 crore in corresponding period in previous financial year. On QoQ basis, the private lender reported a growth of over 69 per cent in net profit against ₹202.43 crore net profit recorded in Q4FY23.
Total income jumps 29% in YoY terms
In Q1FY24, Yes Bank's total income stood at ₹7,584.34 crore, near 29 per cent higher from its total income of ₹5,876.01 crore in Q1FY23. On sequential basis, Yes Bank reported 5 per cent growth in total income at ₹7,220.12 crore in Q4FY23.
Provisioning goes down on QoQ basis
Provisions stood at ₹360.3 crore in Q1FY24 against ₹174.7 crore in Q1FY23 and ₹617.6 crore in Q4FY23. The provision coverage ratio of the private lender stands at 48.4 per cent in Q1FY24 against 62.3 per cent in Q4FY23.
Yes Bank has reported that its Provisions (other than Tax expense) and Contingencies (net) after the end of recently ended June 2023 quarter stands at ₹360.30 crore, which is 41.65 per cent lower from ₹617.56 crore Provisions (other than Tax expense) and Contingencies (net) in Q4FY23.
Yes Bank has reported its total expenditure excluding provisioning and contingencies at ₹6,765.93 crore after the end of June 2023 quarter, which is 6.87 per cent higher on QoQ basis whereas it is around 28 per cent higher on YoY basis. Yes Bank's total expenditure excluding provisioning and contingencies stood at ₹5,286.21 crore in Q1FY23 while it stood at ₹6,331.22 crore in Q4FY23.
In retail banking segment, Yes Bank's business stood at ₹1,29,700.94 crore, which stood at ₹1,15,055.25 crore in Q4FY23 and at ₹97,135.48 crore in corresponding period of the previous financial year.
In Q4FY23, Yes Bank reported dip in net profit from ₹367.46 crore to ₹202.43 crore, logging near 45 per cent decline on YoY basis. However, in quarter-to-quarter (QoQ) terms, Yes Bank reported around 293 per cent rise against Q3FY23 net profit of ₹51.52 crore. Blaming the rising provisioning for dip in net profit Yes Bank said that it has managed to report full year profitability for second straight year despite rise despite accelerated provisioning.
Yes Bank share price ended at ₹18.05 apiece on NSE after the end of Friday session last week. In last one month, Yes Bank shares have risen from ₹16 to ₹18.05 apiece levels, logging near 13 per cent rise in this time.
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