YES Bank first quarter results: Yes Bank’s first quarter net profit skips 46% on lower provisions and strong loan growth.
YES Bank first quarter results: Yes Bank reported a bigger-than-expected 46% increment in net profit for the April-June quarter (Q1) on Saturday, helped by a drop in loan-loss provisions and strong loan growth. The private lender’s standalone net profit increased to 5.02 billion rupees ($60 million) for the financial Q1 from 3.43 billion rupees in the same quarter of previous year.
Provisions and contingencies fell 41% to 2.12 billion rupees and loans grew 14.7% on year, while deposits increased 20.8%.
Yes Bank’s net interest income increased 12% to 22.44 billion rupees and the net interest margin was down to 2.4% from 2.50% a year earlier.
The gross non-performing asset ratio was 1.7% at the end of April.