YES Bank posts 33% rise in profit

YES Bank, the youngest private sector lender in the country, on Thursday said its net profit for the quarter ended September 30 expanded 33 per cent to Rs 235 crore from Rs 176 crore a year earlier.

“YES Bank has achieved steady profits on the back of sustained growth in customer assets, stable margins contributing to net interest income growth and continued focus on revenue diversity leading to strong non-interest income growth,” said Rana Kapoor, managing director and CEO said in his post-earnings comments. Net interest income was at Rs 386 crore during the three-month period, up 23 per cent from a year ago. Net interest margin improved 10 basis points sequentially to 2.9 per cent during the quarter.

Non-interest income grew 63 per cent year-on-year to Rs 214 crore driven by higher fee income from transaction banking, financial markets and advisory services.

Gross non-performing asset ratio and net bad loan ratio improved by 2 basis points each to 0.2 per cent and 0.04 per cent, respectively.

Restructured loans were 0.51 per cent of gross advances.

The bank's advances were up 13 per cent at Rs 34,194 crore while deposits grew 10 per cent to Rs 44,076 crore. Share of low-cost current account savings account deposits was 11 per cent of total deposits.

YES Bank closed the last quarter with a capital adequacy ratio of 16 per cent.