YES Bank Q1 results: Net Profit grows 10% to Rs 342cr

YES Bank

YES Bank, recorded a growth of 10.26 per cent in standalone profit for the Q1 of 2023-24 to Rs 342.52 cr on Saturday. Its standalone profit in the first quarter of FY23 was Rs 314.3 crore.

On a quarter-on-quarter basis, the private lender posted a net profit increase of more than 69 per cent from Rs 202.43 crore in Q4FY23.

The bank said that its Provisions (other than Tax expenditure) and Contingencies after the end of the June quarter were Rs 360.30 crore, a 41.65 per cent decrease from Rs 617.56 crore in Q4 FY23.

Despite increased accelerated provisioning, the private lender managed to post full-year profitability for the second consecutive year.

Its asset quality improved from quarter to quarter. Its Gross NPA was Rs 407,267 crore in the fourth quarter of FY23, compared to Rs 439,457 crore in the previous quarter.

In a YoY comparison, its GNPAs were 2 per cent, compared to 13.4 per cent in the same quarter previous year. Net non-performing assets (NNPA) were 1 per cent, down from 4.2 per cent in the previous quarter.

Its net interest income increased 7.8 per cent year on year to Rs 1,999.6 crore.

Net interest margin, increased by 10 basis points YoY to 2.5 per cent during the quarter. Net advances increased 7.4 per cent YoY to Rs 2,00,204 crore, while net deposits increased 13.5 per cent YoY to Rs 219,369 crore.

Prashant Kumar, MD and CEO of YES Bank, stated that while the balance sheet granularity trend continued, the bank produced a robust increase in fee income while managing operational and credit costs.

“With the focus of the bank now firmly aligned towards improving the profitability of the franchise, over the coming quarters, we will continue to work on levers which further accelerate this momentum such as improvement in NIMs and CASA Ratio, reducing the drag from legacy PSL requirements, further cross-sell and product penetration into our fast-expanding customer base, while continuing to maintain strict controls over costs,” he added.

Also Read | HDFC Life Q1 results: Reports 15% growth in net profit to Rs 415cr

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