YES Bank Q1 Result: Net Profit Rises 10.3 Per Cent To Rs 343 Crore
YES Bank also reported an increase in its branch count from 1,140 branches in Q1 FY23 to 1,212 branches in Q1 FY24.
YES Bank posted a 10.3 per cent increase in its net profit after tax on a year-on-year (YoY) basis in its first quarter (Q1) earnings on Saturday. It logged a net profit of Rs 343 crore for the June quarter in the current financial year (FY24) against a net profit of Rs 311 crore in the first quarter of the previous fiscal year (FY23).
YES Bank reported it's Gross Non-Performing Assets (GNPAs) at 2.2 per cent for Q1 FY24, down from about 13 per cent in Q1 FY23. While, it's Net Non-Performing Assets (NNPAs) were down to 1 per cent in the reported quarter from about 4 per cent on a YoY basis. NPAs are loans or advances issued by the bank which are subject to late repayment or unlikely to be repaid by the borrower in full.
The lender clocked a 13.5 per cent growth in its total deposits of Rs 219 crore up from Rs 193 crore on a YoY basis. The Net Interest Income (NII) of the bank grew 8.1 per cent from Rs 1850 crores in Q1 FY23 to Rs 2000 crores in Q1 FY24. NII is a reflector of interest earned by the bank after measuring the difference between the interest borrowers pay to the bank and the interest paid by the bank to its depositors.
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YES Bank reported its Provisions (other than Tax expense) and Contingencies (net) down 41.7 per cent on a quarter-on-quarter (QoQ) basis from Rs 618 crores in Q4 FY23 to Rs 360 crores in Q1 FY24, but up 106 per cent from Rs 175 crores in Q1 FY23 on a YoY basis.
Prashant Kumar, Managing Director and CEO, YES Bank, said, “Q1FY24 was a steady quarter where we have demonstrated significant progress in line with our strategic objectives. While the balance sheet granularity momentum continued, we also delivered strong growth in our fee income while containing our operating 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 that 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," he further added in the bank's regulatory press release.
YES Bank also reported an increase in its branch count from 1,140 branches in Q1 FY23 to 1,212 branches in Q1 FY24.
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