Yes Bank Q1 Results: Net Profit Rises 60%, Asset Quality Stable
Yes Bank Ltd., one of India’s leading private sector lenders, has reported a robust set of financial results for the first quarter (Q1) of the current fiscal year. The bank’s net profit has risen 60% year-on-year (YoY) to Rs 801 crore, while its operating profit has surged 53% YoY to Rs 1,358 crore.
Net Interest Income Rises 6% YoY
The bank’s net interest income, or core income, has risen 6% YoY to Rs 2,372 crore, driven by a 5% YoY growth in net advances to Rs 2.41 lakh crore. The bank’s retail advances have also grown significantly, rising 17% YoY to Rs 1.18 lakh crore.
Asset Quality Remains Stable
Yes Bank’s asset quality has remained stable, with the gross non-performing assets (GNPA) ratio flat at 1.6% and the net NPA ratio also flat at 0.3% at the end of June. The bank’s provisions and contingencies against bad loans have risen to Rs 284 crore, up from Rs 212 crore a year ago.
Deposits and Advances Growth
The bank’s total deposits have grown 4.1% YoY to Rs 2.75 lakh crore, driven by a 6.5% YoY growth in current account and savings account (CASA) deposits. The bank’s credit deposit ratio has also risen to 87.4%, higher than 86.5% a quarter ago and 86.6% a year ago.
What’s Next for Yes Bank?
The bank’s strong Q1 results are likely to boost investor sentiment and support the bank’s shares. The bank has a strong growth story and is well-positioned to benefit from the ongoing economic recovery. Investors are likely to keep a close eye on the bank’s future performance and any potential corporate actions.
Conclusion
In conclusion, Yes Bank’s Q1 results have shown a strong improvement in its financial performance, driven by stable asset quality and robust operating income. The bank’s growth story is expected to continue, and investors are likely to remain optimistic about its future prospects.
