NEW DELHI: The net profit of private sector lender Yes Bank soared 350% year-on-year in the third quarter of the current financial year to Rs 231 crore on the back of lower provisions and robust non-interest income. On a quarter-on-quarter basis, the net profit of the bank increased by 2.8%.
The bank’s net interest income increased by 2.3% year-on-year and 4.8% quarter-on-quarter to Rs 2,017 crore. Non-interest income went up by 12% year-on-year during the quarter. The lender’s net interest margin for the third quarter increased 10 basis points at 2.4%.
The bank’s provision costs (non-tax) at Rs 555 crore were down 34.3% in in the third quarter of the current financial year compared to Rs 844 crore in the same period previous year.
Gross non-performing assets of the Mumbai-headquartered bank remained flat at 2%, while net non-performing assets declined by 10 basis points to 0.9% during the third quarter.
Gross slippages of the lender for the quarter were at Rs 1,233 crore compared to Rs 1,610 crore in the year-ago period and Rs 1,199 crore in the previous quarter. Slippages net of recoveries and upgrades were at Rs 574 crore as against Rs 543 crore in the previous quarter. The loan book of the bank grew by 11.8% year-on-year to Rs 2.18 lakh crore. It sanctioned Rs 28,498 crore in new loans during the quarter, of which retail loans were Rs 9,769 crore, SME loans were Rs 8,265 crore and mid-corporate loans accounted for Rs 1,108 crore.
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