Yes Bank Q3 profit rises 25.07 per­cent

The Pak Banker - - COMPANIES/BOSS -

NEW DELHI: Yes Bank Ltd on Fri­day said net profit for the De­cem­ber quar­ter rose 25.07% as it earned more from ad­vances and ben­e­fited from higher fees and com­mis­sions and trad­ing in­come. Net profit for the quar­ter rose to Rs.675.74 crore from Rs.540.29 crore a year ago. Twenty-six an­a­lysts polled by Bloomberg had fore­cast a net profit of Rs.634.90 crore. Net in­ter­est in­come (NII) or the core in­come a bank earns by giv­ing loans in­creased 27.28% to Rs.1,157 crore from Rs.909.02 crore. Non-in­ter­est in­come, in­clud­ing fees, com­mis­sions and trea­sury in­come, in­creased to Rs.746.07 crore from Rs.536.81 crore in the same pe­riod last year, a rise of 38.98%.

Gross non-per­form­ing as­sets rose by Rs.67.22 crore, or 13.7%, to Rs.558.57 crore at the end of the De­cem­ber quar­ter from Rs.491.35 crore in the pre­vi­ous quar­ter. Pro­vi­sions and con­tin­gen­cies jumped 42.33% to Rs.147.94 crore from Rs.103.94 crore a quar­ter ago.

In De­cem­ber, the Re­serve Bank of In­dia (RBI) con­ducted an as­set qual­ity re­view across the bank­ing sec­tor, fol­low­ing which banks were asked to rec­og­nize vis­i­ble stressed as­sets as non-per­form­ing as­sets (NPAs). The RBI also asked banks to make ad­e­quate pro­vi­sions for th­ese stressed as­sets over the third and fourth quar­ters of the cur­rent fis­cal year. This could hit the prof­itabil­ity of some banks.

As a per­cent­age of to­tal loans, Yes Bank's gross NPAs rose to 0.66% at the end of the De­cem­ber quar­ter from 0.61% in the pre­vi­ous quar­ter and 0.42% in the year-ago quar­ter. Net NPAs were at 0.22% in the De­cem­ber quar­ter com­pared to 0.2% in the pre­vi­ous quar­ter and 0.1% in the same quar­ter last year. At 11.34am, Yes Bank was trad­ing at Rs.695.80 on the BSE, up 3.3% from its pre­vi­ous close, while the bench­mark Sen­sex in­dex rose 0.8% to 24,665.66 points.

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