Yes Bank Q1 net surges 50% to ₹311 crore
The Hindu
New Disbursements grew 87% to ₹22,636 crore
Private lender Yes Bank Ltd.’s net profit for the first quarter ended June rose 50% year-on-year to ₹311 crore aided by a drop in provisions for bad loans and healthy growth in income.
Net Interest Income (NII) grew 32% to ₹1,850 crore while Net Interest Margin at 2.4% increased 30 basis points (bps), the lender said in a filing.
Total provision declined 62% to ₹175 crore, declined 62% Y-o-Y, primarily aided by lower slippages. Advances grew 14%, deposits 18% and balance sheet 17%. Y-o-Y.
New Disbursements grew 87% to ₹22,636 crore. Asset quality also improved during the quarter. GNPA ratio stood at 13.4% compared with 15.6% in the year-earlier period. NNPA ratio was 4.2% compared with 5.8% in Q1FY22.
Slippages were lower at ₹1,072 crore in comparison with ₹2,233 crore in the year-earlier period. “Resolution momentum continues with total recoveries and upgrades at ₹1,532 crore is in line with the annual guidance of ₹5,000 crore,” the bank said in a statement.
The bank said it has successfully come out of the reconstruction scheme with formation of an alternate board with effect from. July 15, following shareholders’ approval.
The new board has recommended the appointment of Prashant Kumar as MD & CEO for three years, subject to approval of the RBI and shareholders.
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