YES Bank Q2 net profit up 31%

However, net NPA of the bank rose to 0.29% from 0.20% on a year-on-year basis

Private sector lender YES Bank on Thursday said its net profit for the quarter ended September jumped 31.3 per cent to Rs 801.5 crore, compared to Rs 610.4 crore a year ago.

Net interest income of the bank during the quarter increased 30.5 per cent to Rs 1,446.2 crore on account of strong growth in advances and CASA (current account, savings account) deposits. The bank’s non-interest income in the reported period also grew 43.6 per cent to Rs 887.9 crore.

The bank’s net interest margin in Q2 was at 3.4 per cent, compared to 3.3 per cent during the corresponding period last year. During the quarter, the bank’s gross non-performing assets (NPAs) increased to 0.83 per cent, from 0.61 per cent a year ago. Similarly, the net-NPA of the bank rose to 0.29 per cent, from 0.20 per cent in the corresponding period last year. Consequently, provisions increased 55.6 per cent to Rs 161.67 crore in Q2, compared to a year ago.

Rana Kapoor, managing director & chief executive officer, YES Bank, said the CASA ratio crossed 30 per cent for the first time to 30.3 per cent. “It demonstrates improving productivity and efficiency of our retail liabilities/branch banking growth engines”.

Further, bank’s commitment towards building a strong retail franchise got a comprehensive push with the launch of credit cards during the quarter,” he said.