Yes Bank Q3 net profit falls 7% to ₹1,002 crore

Mumbai: Yes Bank Thursday reported a 6.96 per cent fall in net profit to ₹1,001.85 crore in the quarter ended December 2018. Its net profit was ₹1,076.87 crore in the corresponding quarter of 2017-18.

The bank on Thursday also named Ravneet Singh Gill, currently heading Deutsche Bank India, as the managing director and chief executive officer to succeed Rana Kapoor, whose term ends on January 31.

The private sector lender said net provisions stood at ₹550.2 crore on account of ₹570.8 crore of accelerated provisioning on exposure to a "stressed infrastructure conglomerate", according to a stock exchange filing.

The bank, however, did not name the conglomerate.

According to the filing, the bank's net interest income grew 41.2% year-on-year (y-o-y) to ₹2,666.4 crore.

Its advances grew 42.2% y-o-y to ₹2,43,885 crore.

Yes Bank's gross non-performing asset (NPA) increased to 2.1% of the total advances in the quarter, compared with 1.72 per cent in the year-ago period.

Net NPA also increased to 1.18% from 0.93%.