Yes Bank Q1 profit reaches Rs.731.8 crore, up 33%

YES...2 (July 28)Private sector lender YES Bank’s net profit grew 32.8 percent in the first quarter of this fiscal (FY17) to Rs.731.8 crore (Rs.551.2 crore in Q1 FY16) on consistent growth in its balance sheet (total assets).

The first quarter (April-June) profit beat analysts’ expectations, rising 32.8 percent year-on-year to Rs 731.8 crore despite sharp spike in provisions.  The growth was driven by other income, operating profit and net interest income.

Net interest income or, the difference between interest earned and interest expended, risen by 24.2 percent to Rs 1,316.6 crore on yearly basis, aided by loan growth and CASA deposits.

Advances grew by 33 percent YoY to Rs 1,05,942 crore while deposits increased 28.6 percent at Rs 1,22,581.1 crore as of June 2016.

Rana Kapoor, Managing Director and CEO, YES Bank, said: “YES Bank has delivered another highly satisfactory quarter of financial performance reflected in strong and quality growth, sustained profitability and continued resilience in asset quality.

“… Given the improving macroeconomic environment along with stable asset quality and accelerating retail franchise, the bank is well poised to capture market share across retail and corporate segments at an enhanced pace,” a media report said.

Meanwhile, the private sector lender said the current and savings account (CASA) deposits grew by 63 percent YoY to Rs 36,288.3 crore increasing the CASA ratio to 29.6 percent as at June 2016, up from 23.4 percent as June 2015.”

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