YES Bank Q2 net rises 30% to Rs 306 cr

Total income jumps 37% to Rs 2,263 cr

India's fourth largest private bank Yes Bank reported a 30.2% growth in net profit for the second quarter ended September 30 at Rs 306.1 crore compared with the same period a year ago on the back of  the back of impressive growth in Net Interest Income (NII) with sustained growth in customer assets and sequential improvement in margins. The net profit for the first half of the financial year grew by 32.2% at Rs 596.2 crore compared with the same period the previous fiscal.

The NII grew at 35.9% year-on-year to Rs 524.2 crore while customer assets grew by 32.5% at Rs 54,017.3 crore. The Net Interest Margin (NIM) of the bank showed a meager improvement at 2.9% for the second quarter compared with 2.8% the previous quarter. On a year-on-year basis it was flat.

 

“This quarter has once again demonstrated a stable financial performance through a meaningful contribution from all revenue streams, strong asset quality and sustained growth momentum,” said Rana Kapoor, Managing Director & CEO, Yes Bank.

Total advances grew by 22.9% year-on-year to Rs 42,019.3 crore while total deposits grew by 18.6% to Rs 52,290.8 crore as at September 30.

Gross Non-Performing Assets (NPAs) fell by 4 basis points to 0.24 percent compared with 0.28% in the previous quarter. However, on a year-on-year basis, gross NPAs went up from 0.20% as on September 30, 2011. While net NPAs stood at 0.05% compared with 0.06% at the end of the previous quarter and 0.04% at the end of September 30, 2011.

Bank's specific provisioning cover was at 80.4% as at September 30. Total restructured advances (excluding NPAs) stood at Rs 192.2 crore as at September 30 and this represents 0.46% of the gross advances. There were no new restructuring in the quarter.