YES Bank Q3 results: Net profit jumps 77% YoY to Rs 266 cr

Private lender YES Bank on Saturday reported 77% jump in consolidated net profit at Rs 266 crore for the quarter ending December 31, 2021, its highest net profit since December 2018. The lender reported net profit of Rs 148 crore in the year-ago period. On sequential basis, the net profit rose 18%.

However, total income during the quarter under review declined to Rs 5,632.03 crore from Rs 6,408.53 crore in the same period last fiscal, Yes Bank said in a regulatory filing. Provision coverage ratio decreased to 79.3 per cent at the end of December 31, 2021.

Net interest income fell 31% to Rs 1,764 crore in Q3FY22 as against Rs 2,560 crore in Q3FY21.

On Friday, the lender's scrip on BSE closed trading 0.58% lower at Rs 13.74.

Net interest margin (NIM) for the quarter came in at 2.4% as compared with 2.2% in the September quarter and 3.4 per cent in the year-ago period.

Provisions for the quarter decined 82.1% to Rs 375 crore as against Rs 2,089 crore in the year-ago quarter.

Gross non-performing asset (GNPA) ratio improved to 14.7% as compared to 15% in the September quarter, led by lower slippages at Rs 978 crore as against Rs 1,783 crore in Q2FY22 while there was cash recovery of Rs 610 crore and upgrades of Rs 573 crore.

YES Bank's total net income dipped by 31.5% to Rs 2,498 crore in October-December 2021 quarter as against Rs 3,648 crore recorded in the corresponding period of previous year.

The company's non-interest income plunged by 32.5% to Rs 734 crore in the third quarter of the current financial year as against Rs 1,087 crore recorded in the third quarter of 2020-21.

"On November 1, 2021, the bank had completed the sale of its entire stake in its wholly owned subsidiaries YES Asset Management (India) Limited and YES Trustee Limited to CPL Finance and Investments Limited. The net positive impact to the financial results post this sale, including reversal of the impairment provision was Rs 14.94 crore," it said.