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.
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.
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.
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.
-
-
-
-
-
-
-
-
-
-
