Yes Bank posts Q2 PAT at Rs 129 cr; NII falls 9.7% YoY

The bank reported a standalone net profit of Rs 129.37 crore in Q2 September 2020 compared with net loss of Rs 600.80 crore in Q2 September 2019.

Total income fell 28.56% to Rs 5,952.14 crore in Q2 September 2020 from Rs 8,332.20 crore in Q2 September 2019. The bank's profit before tax (PBT) stood at Rs 172.69 crore in Q2 September 2020, rising 41.3% from Rs 122.19 crore in Q2 September 2019. Tax expense stood at Rs 43.32 crore in Q2 September 2020 as against Rs 722.27 crore in Q2 September 2019. The result was announced after market hours today, 23 October 2020.

The bank's gross non-performing assets (NPAs) stood at Rs 32,344.36 crore as on 30 September 2020 as against Rs 32,702.70 crore as on 30 June 2020 and Rs 17,134.41 crore as on 30 September 2019. The ratio of gross NPAs to gross advances stood at 16.9% as on 30 September 2020 as against 17.3% as on 30 June 2020 and 7.39% as on 30 September 2019. The ratio of net NPAs to net advances stood at 4.71% as on 30 September 2020 as against 4.96% as on 30 June 2020 and 4.35% as on 30 September 2019.

The bank's provisions and contingencies fell 11.14% to Rs 1187.34 crore in Q2 September 2020 over Q2 September 2019. Total COVID-19 related provisioning stepped up to Rs 1,918 crore (1.15% of advances). The bank's provision coverage ratio stood at 75.7% in September 2020 from 75.1% in June 2020.

The bank's net interest income (NII) declined 9.7% to Rs 1,973 crore in Q2 September 2020 from Rs 2,186 crore in Q2 September 2019. Net interest margin improved to 3.1% in Q2 September 2020 from 2.7% in year ago period.

Total deposits grew by 15.7% to Rs 135,815 crore quarter on quarter basis (QoQ). Total advances rose by 1.5% QoQ to Rs 166,923 crore. CASA ratio declined to 24.8% as on 30 September 2020 as against 25.8% as on 30 June 2020.

Shares of Yes Bank rose 5% to Rs 13.35 on Friday (23 October 2020).

Yes Bank is a full service commercial bank providing a complete range of products, services and technology driven digital offerings, catering to corporate, MSME & retail customers.

The bank was under moratorium for 13 days in March 2020. It resumed full-fledged banking operations from 18 March 2020. This came after a consortium of eight public and private banks, led by State Bank of India, agreed to infuse capital into Yes Bank to rescue it from the brink of a collapse. These financial institutions had together pooled in Rs 10,000 crore as investment at Rs 10 per share in Yes Bank when it faced pressure from depositors.

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