YES Bank Q2 earnings: Net profit rises over 47% to Rs 225.21 cr

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YES Bank reported a 47.4% year-on-year increase in net profit to Rs 225.21 crore in the second quarter of the current financial year, on the back of improved asset quality and higher non-interest income.

On a sequential basis, however, net profit fell over 34%.

The bank’s gross NPA ratio stood at 2% and net NPA ratio at 0.9% as on September 30, 2023, down from 2.2% and 1.1%, respectively, in the previous quarter.

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In absolute terms, gross NPA stood at Rs 4319.03 crore and net NPA stood at Rs 27419.11 crore as on September 30, 2023.

Provisions and contingencies fell 14.1% year-on-year to Rs 500.38 crore in Q2FY24. Provision Coverage Ratio (PCR) stood at 56.4%, up from 48.4% in the previous quarter.

Deposits grew 17.2% year-on-year and 6.8% quarter-on-quarter to Rs 2.34 lakh crore, while advances increased by 9.5% year-on-year and 5.2% quarter-on-quarter to Rs 2.20 lakh crore.

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CASA ratio remained stable on a sequential basis at 29.4%, despite a challenging environment. 3.91 lakh CASA accounts were opened during the quarter.

Net interest income stood at Rs 1,925 crore, up 3.3% year-on-year. Net interest margins (NIM) for Q2FY24 at 2.3% were down by nearly 30 basis points (Bps) on-year and 20 Bps on-quarter.

Non-interest income at Rs 1,210 crore was up 38.4% year-on-year and 6.0% quarter-on-quarter.

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Interest expanded to Rs 4785.61 crore in the July-September quarter, compared to Rs 3483.02 crore in the same period last year.

Overall, YES Bank’s Q2FY24 performance was positive, with improved asset quality and higher non-interest income driving net profit growth.

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