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YES Bank's net profit rises 10.3% in Q1, NII grows 8.1% to Rs 2,000 cr

YES Bank's provisions and contingencies, net of recoveries made against loan accounts written off as bad, more than doubled to Rs 360 crore from Rs 175 crore a year earlier

YES Bank

Reuters MUMBAI

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YES Bank reported a smaller-than-expected increase in quarterly net profit on Saturday as it kept aside more money for bad loans, denting the impact of higher net interest income.

The private lender's standalone net profit rose 10.3 per cent for the April-June quarter from the same period last year to Rs 343 crore ($5.25 million), missing analysts' average forecast of Rs 380 crore, according to Refinitiv data.

Yes Bank's provisions and contingencies, net of recoveries made against loan accounts written off as bad, more than doubled to Rs 360 crore from Rs 175 crore a year earlier.

The gross non-performing asset (NPA) ratio decreased to 2 per cent at the end of June from 2.20 per cent at the end of March, while its net NPA ratio rose slightly to 1 per cent from 0.80 per cent.

Yes Bank's net interest income, the difference between the interest earned on loans and paid to depositors, rose 8.1 per cent to around Rs 2,000 crore.

($1 = 81.9800 Indian rupees)
(Reporting by Siddhi Nayak; editing by Robert Birsel)

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First Published: Jul 22 2023 | 1:42 PM IST

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