YES BANK PROFIT UP 355%

Private lender YES Bank on Friday reported a 355.2 per cent rise in net profit to ~207 crore in the quarter ended June (Q1FY22) on a rise in non-interest income and a sharp dip in provisions. The bank had posted a net profit of ~45 crore during the corresponding quarter last year. It had booked a loss of ~3,788 crore in the previous quarter (Q4FY21).

YES Bank stock closed 0.7 per cent up at ~13.07 per share on the BSE.

Net interest income (NII) fell 26.5 per cent to ~1,402 crore from ~1,908 crore a year ago. In April-june 2021, an Rbiimposed moratorium was in force and the bank booked interest income, which was reversed in the fourth quarter. On a sequential basis, NII was up 42.1 per cent. Net interest margin (NIM) for the reporting quarter declined to 2.1 per cent, from 3 per cent for Q1FY21. However, sequentially NIM rose from 1.6 per cent.

Prashant Kumar, managing director and chief executive, said the bank would close the financial year with NIM of about 2.6 per cent.

Its non-interest income was up 70.2 per cent YOY to ~1,056 crore. Sequentially, it rose 29.5 per cent from ~816 crore.

Asset quality profile improved, with gross non-performing assets (NPAS) at 15.6 per cent, from 17.3 per cent a year ago. On a sequential basis,

GNPAS rose marginally from 15.41 per cent. Net NPAS rose to 5.78 per cent, from 4.96 per cent a year ago. The figure was at 5.88 per cent in March 2021.

Its provisions fell 40.7 per cent YOY to ~644 crore, from ~1,087 crore. It had provisions of ~5,240 crore in Q4FY21.