YES Bank Q1 results: Net profit jumps 355% YoY to Rs 207 crore
The operating profit of YES Bank also declined by 19.80% YoY to Rs 920 crore during the quarter under review
Private sector lender YES Bank on Friday reported a 355% year-on-year (YoY) growth in net profit at Rs 206.84 crore for the quarter ended June 30. It had reported a profit of Rs 45.44 crore in the corresponding quarter last year. On the other hand, the net interest income of the bank declined 26.50% YoY to Rs 1,402 crore.
Provisions declined 40.70% YoY to Rs 644 crore. The operating profit of YES Bank also declined by 19.80% YoY to Rs 920 crore during the quarter under review. The lender announced its results post-market hours. Earlier during the day, the scrip closed 0.38% higher at Rs 13.07.
On the asset quality front, the percentage of gross non-performing assets (NPAs) improved 15.60% of the gross advances as of June 30, 2021, from 17.30% in the year-ago period. Net NPAs, however, moved up to 5.78% from 4.96%.
The private sector lender said its corporate recoveries/resolutions during the quarter at Rs 1,643 crore outpaced the slippages of Rs 1,258 crore.
New business generation continued for the quarter with retail disbursements of Rs 5,006 crore, SME disbursements of Rs 3,242 crore and wholesale banking disbursements of Rs 3,625 crore, it said.