OPEN APP
Home >Markets >Stock Markets >YES Bank Q2 results: Net profit at 129.37 crore; asset quality improves
Yes Bank's Net Interest Income (NII) increased 3.4% quarter-on-quarter to  ₹1,973 crore (MINT_PRINT)
Yes Bank's Net Interest Income (NII) increased 3.4% quarter-on-quarter to 1,973 crore (MINT_PRINT)

YES Bank Q2 results: Net profit at 129.37 crore; asset quality improves

  • The bank’s gross non-performing assets (NPAs) stood at 16.30% against 17.30% a quarter ago
  • The Net Interest Income increased 3.4% quarter-on-quarter to 1,973 crore

YES Bank on Friday reported a net profit of 129.37 crore for the quarter ended 30 September. The private lender posted a loss of 600.08 crore in the corresponding quarter last year.

The Net Interest Income (NII) increased 3.4% quarter-on-quarter to 1,973 crore. Net interest margin stood at 3.1% in Q2FY21 against 2.7 per cent last year. Cost to income ratio declined to 49.30% from 53.40%.

The bank’s gross non-performing assets (NPAs) stood at 16.30% as against 16.8% in March quarter and 5.01% in the same quarter last year. YES Bank’s net NPAs came in at 4.71%, compared with 4.96% a quarter ago and 2.91% for same quarter last year.

Provisions declined 11.10% year-on-year to 1,187 crore, over 1336.25 crore for the corresponding quarter last year.

Net advances at 1,66,923 crore grew 1.5% quarter-on-quarter, with strong pickup in retail disbursements at 3,764 crore, the bank said. The deposits increased substantially 15.7% sequentially to 1,35,815 crore, it added.

"Total step up in provisioning of 1,600 crore consisted 1,038 crore towards COVID-19 related provisioning and balance predominantly towards non-performing investments," YES Bank said in the regulatory filing.

Pre-provision operating profit for the quarter at 1,360.03 crore declined 6.7% compared to year-ago period, but it was up 18.6% quarter-on-quarter.

YES Bank's operating expenses declined 4.5% quarter-on-quarter and 21.1% year-on-year to 1,320 crore. Bank's provision coverage ration improved to 75.7% in September quarter.

YES Bank is targeting fresh disbursement of 10,000 crore in retail and MSME, says Prashant Kumar, CEO & MD of YES Bank.

On 5 March, the Reserve Bank of India placed the crisis-hit YES Bank under a moratorium. The banking regulator took control of the YES Bank board and imposed a withdrawal limit from the bank accounts till 3 April.

According to RBI-backed rescue for the troubled lender, State Bank of India acquired up to 49% stake in YES Bank. HDFC and ICICI Bank infused 1,000 crore each, Axis Bank 600 crore and Kotak Mahindra Bank (KMB) Ltd 500 crore into Yes Bank. RBI appointed Prashant Kumar as CEO & MD of Yes Bank.

Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.

Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Close
×
My Reads Redeem a Gift Card Logout