Yes Bank Q1 net profit up 30.5%

Yes Bank on Thursday reported a rise of more than 30 per cent in its standalone net profit for the first quarter of 2018-19.

According to the lender, its Q1 net profit increased to Rs 1,260.4 crore from Rs 965.5 crore reported for the corresponding period of the previous financial year.

"Net Interest Income grew by 22.7 per cent y-o-y to Rs 2,219.1 crores and Non-Interest Income grew by 49.6 per cent y-o-y to Rs 1,694.1 crores with NIMs (net interest margin) at 3.3 per cent," the bank said in a statement.

The bank disclosed that as on June 30, 2018, GNPA (gross non-performing asset) was at 1.31 per cent and NNPA (net non-performing asset) was 0.59 per cent.

"Provisions stood at Rs 625.7 crores of which Rs 379.9 crores is NPA provisioning which includes Rs 149.0 crores towards increase in provision coverage to 55.3 per cent. Rs 92.7 crores is towards MTM losses on Bonds. MTM losses of Rs 278 crores will be amortized during FY19 under the RBI dispensation," the statement said.

Yes Bank Managing Director and CEO Rana Kapoor was quoted as saying in the statement: "Yes Bank has again delivered sustained performance across balance sheet growth, profitability and asset quality. Further, the growth has been well segmented across Corporate, IBU, SME and particularly retail business which grew 105 per cent y-o-y taking Retail Banking proportion in total advances to 14 per cent."

"The exponential growth momentum in retail demonstrates the leverage created across people, branches and technology over the past few years and is further expected to increase granularity in Bank's asset and liabilities over the quarters to come."

--IANS

rv/bg