Yes Bank Net Profit Soars 349.7% to Rs 231.6 Crore in Q3

Last Updated on January 27, 2024 by SPN Editor

Yes Bank Ltd. witnessed a substantial increase in its net profit for the third quarter of the fiscal year, which was more than four times the profit of the same period in the previous year. The net profit escalated to Rs 231.6 crore, up from Rs 51.5 crore a year ago, as reported in a statement released to the stock exchanges on January 27. However, this figure did not meet the analysts’ projected earnings of Rs 415.1 crore.

Yes Bank managed to maintain its gross non-performing assets (NPA) at a steady rate of 2 percent during the quarter that ended on December 31. Meanwhile, there was a slight improvement in the net NPA, which reduced to 0.9 percent.

The bank’s net interest income (NII) saw a growth of 2.3 percent compared to the previous year. The operating profit also increased by 5.4 percent, reaching Rs 864 crore.

Yes Bank Ltd. also experienced a growth in deposits by 13.2 percent, amounting to Rs 2.4 lakh crore, compared to the previous year.

However, the current and savings account ratio (CASA) experienced a minor decline, dropping to 29.4 percent in the quarter that ended on December 31, down from 29.7 percent in the previous year.

The Net Interest Income (NII), which is the difference between the interest income a bank earns from its lending activities and the interest it pays to depositors, saw a rise to Rs 2,017 crore.

In terms of asset quality, the bank’s gross non-performing assets (NPA) remained stable at 2.0%, showing no change from the previous year. The net NPA for the quarter was reported to be 0.9%, which is slightly lower than the 1.0% reported last year.

These results indicate a significant growth in net profit of Yes Bank, even though the figures did not meet market expectations. The stability in asset quality, as indicated by the unchanged gross NPA and slightly reduced net NPA, is a positive sign for the bank’s financial health.