Yes Bank Q2 standalone profit falls 32% to Rs 153 cr on higher provisions

Yes Bank on Saturday reported 32 per cent decline in standalone net profit at Rs 152.82 crore for September quarter 2022 on higher provisions.

The bank had posted a net profit of Rs 225.50 crore for the year-ago same period. In preceding June quarter 2022, the net profit stood at Rs 310.63 crore.

Total income during July-September 2022-23, however, was higher at Rs 6,394.11 crore as against Rs 5,430.30 crore in the same period a year ago, Yes Bank said in a regulatory filing.

The private sector lender improved on its asset quality and brought down gross non-performing assets (NPAs or bad loans) to 12.89 per cent of gross advances as of September 30, 2022 as against 14.97 per cent by end of September 2021.

Likewise, net NPAs came down to 3.60 per cent from 5.55 per cent.

However, provisions for bad loans and contingencies were raised to Rs 582.81 crore for Q2FY23 from Rs 377.37 crore kept aside for Q2FY22.