Net Profit Rises 50%, Beats Estimates

Private sector lender Yes Bank Ltd saw a 50% year-on-year jump in net profit for the quarter ended June 30, owing to higher core income and lower provisions.

Net profit for the quarter stood at Rs 311 crore, compared with Rs 207 crore a year ago. Analysts polled by Bloomberg estimated a net profit of Rs 156 crore for the first quarter.

Net interest income for the quarter rose 32% from a year ago and stood at Rs 1,850 crore. Other income, too, rose to Rs 781 crore, down 10% year-on-year.

The bank’s asset quality position improved with gross non-performing asset ratio at 13.4%, down marginally by 5 basis points quarter-on-quarter. Similarly, net NPA ratio remained flat at 4.2%.

Provisions for the quarter stood at Rs 175 crore, down 62% from a year ago.

Total advances rose 14% from a year ago and stood at Rs 1.86 lakh crore. Deposits improved 18% and stood at Rs 1.93 lakh crore.