October 21, 2023
admin
YES Bank Q2 Net profit rises over 47%
YES Bank of October 21 reported a 47.4 percent rise in its net profit to Rs 225.21 crore in the second quarter of the current financial year. In the previous quarter last year, net profit of the bank stood at Rs 152.82 crore. Compared to Q1’24, net profit falls over 34 percent.
The asset quality of the bank in the Q2 improved, with gross NPA ratio stood at 2 percent, and Net NPA ratio stood at 0.9 percent.
In absolute terms, gross NPA stood at Rs 4319.03 crore as on September 30, and net NPA stood at Rs 27419.11 crore as on September 30.
In the reporting quarter, provisions and contingencies fell 14.1 percent on-year to Rs 500.38 crore. In the similar period last year, it stood at Rs 582.81 crore.
Provision Coverage Ratio of the bank stood at 56.4 percent, as against 48.4 percent last quarter. Including Technical write-off, PCR stood at 72.1 percent, as compared to 67.8 percent.
Yes Bank has reported deposits growth of 17.2 percent on-year, which is up 6.8 percent on-quarter to Rs 2.34 lakh crore, while its advances increased by 9.5 percent on-year and 5.2 percent on-quarter to Rs 2.20 lakh crore.
In Q2, CASA Ratio remained stable on sequential basis, at 29.4 percent despite challenging environment. 3.91 lakh CASA Accounts opened during the quarter, release said.
The net interest income of the bank stood at Rs 1,925 crore, which was 3.3 percent up on-year. Net interest margins (NIM) for Q2FY24 at 2.3 percent down by nearly 30 basis points (Bps) on-year and 20 bps on-quarter.
In Q2FY24, Non-Interest Income at Rs 1,210 crore, up 38.4 percent on-year and 6.0 percent on-quarter.
YES Bank in July-September quarter reported interest expanded at Rs 4785.61 crore, as compared to Rs 3483.02 crore in a similar period last year.
Editorial Comment: The shares of yes Bank now quoted at Rs. 17 can be accumulated as long term investment and the scrip is expected to start upward move.
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