Yes Bank Q2FY24 results: Net profit up 47.4% YoY to ₹225 crore, NIM dips | Mint
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Business News/ Companies / Company Results/  Yes Bank Q2FY24 results: Net profit up 47.4% YoY to 225 crore, NIM dips
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Yes Bank Q2FY24 results: Net profit up 47.4% YoY to ₹225 crore, NIM dips

Yes Bank Q2 results 2023: Net profit of the private lender has risen 47.4% in year-on-year basis to ₹225 crore

Yes Bank Q2 results 2023: Yes Bank stocks will be in focus on Monday as market is expected to react this Q2 earnings of the private lender.Premium
Yes Bank Q2 results 2023: Yes Bank stocks will be in focus on Monday as market is expected to react this Q2 earnings of the private lender.

Yes Bank Q2 results 2023: Yes Bank Limited has declared its second quarter results for the current financial year 2023-24. The private lender has managed to beat the market estimates on lower provisioning and all round improvement in the asset quality parameters. The private lender also manged to report rise in net profit in YoY terms. However, banks cost to income in Q2FY24 stood at 74.4 per cent against its cost to income of 73.9 per cent in the previous quarter.

The private lender reported a net profit of 225 crore, logging 47.4 per cent rise on YoY basis. Yes Bank's provisioning cost stood 14.1 per cent lower in YoY terms. However, bank's net profit in Q1FY24 was at 343 crore, which means the private lender has registered 34.3 per cent dip in net profit on QoQ basis.

Yes Bank's total net income stood at 3,135 crore in Q2FY24, which is 0.2 per cent lower from its total net income of 3,141 crore in previous quarter. However, Yes Bank reported 9.4 per cent YoY rise in total nt income YoY as it stood at 2,866 crore in Q2FY23.

Despite challenging environment, Yes Bank manged to keep its CASA ratio stable during July to September 2023 quarter. As per the second quarter results for FY24, Yes Bank's CASA ratio remained at 29.4 per cent on QoQ basis. 

Improvement in asset quality 

GNPA ratio of the bank stands at 2 per cent in Q2FY24, which stood at whopping 12.9 per cent in Q2FY23. However, Yes Bank's NNPA went down at 0.9 per cent, which stood at 1 per cent in the last quarter and at 3.6 per cent in the correcponding period of the previous fiscal.

Yes Bank's Provision Coverage Ratio (PCR) during Q2FY24 stood at 56.4 per cent, which was at 48.4 per cent in first quarter of the current financial year.

Profit and loss

As expected, due to rise in cost of funding, Yes Bank has reported net interest income (NII) at 1,925 crore, which is 3.3 per cent lower from its NII in Q2FY23. NIM for Q2FY24 at 2.3 per cent is down by nearly 30 bps YoY and 20 bps QoQ.

Yes Bak's Q2FY24 non-interest income is at 1,210 crore, up 38.4 per cent YoY and 6 per cent QoQ.

Commenting on the results and financial performance, Prashant Kumar, Managing Director & CEO, YES BANK said, “The Bank’s Q2 FY24 performance is a testament to the strength of the core franchise that the Bank has built through significant strategic interventions during the last three years. Amidst a challenging environment with respect to interest rates, deposit growth slowdown, as well as tightening liquidity, the Bank has managed to deliver Yo-Y expansion in both operating profitability and net profitability. At the same time, the fortification of Balance Sheet from Asset Quality standpoint continues, supported by robust redemptions from the Security Receipts."

Yes Bank Q1FY24 results

In Q1FY24, Yes Bank had 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.

Yes Bank shares witnessed buying interest during Friday deals and ended at 17.35 apiece levels on NSE, logging around 2 per cent rise against its Thursday close of 17.05 per share on NSE.

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Asit Manohar
Chief Content Producer at Live Mint Digital Team
Catch all the Corporate news and Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates & Live Business News.
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Published: 21 Oct 2023, 01:53 PM IST
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