Higher interest income propels Yes Bank to Q1 net profit of Rs 12.6 bn

The company took a mark-to-market loss of Rs 926.7 million in the first-quarter

Helped by higher interest income and growth in its corporate banking division, Yes Bank Ltd beat analysts' estimates for quarterly profit on Thursday.

Net profit rose to Rs 12.60 billion ($183.43 million) in the first quarter ended June 30, from Rs 9.66 billion.

Analysts were expecting Rs 12.15 billion, according to Thomson Reuters I/B/E/S data which compiled data from 22 analysts.

Interest earned rose 41.3 per cent to Rs 65.78 billion.

The company took a mark-to-market loss of Rs 926.7 million in the quarter, it said, relating to bond-trading losses incurred in December 2017 and March 2018 quarters as a result of a spike in bond yields in the recent months.

 

It said it will spread Rs 2.78 billion over the subsequent quarters.