Yes Bank net profit falls 7% to Rs 1,002 cr in December quarter; gross NPAs rise to 2.1% of total advances

Mumbai: Yes Bank on Thursday reported a 6.96 percent fall in net profit to Rs 1,001.85 crore in the quarter ended December 2018. Its net profit was Rs 1,076.87 crore in the corresponding quarter of 2017-18. The bank on Thursday also named Ravneet Singh Gill, currently heading Deutsche Bank India, as the managing director and chief executive officer to succeed Rana Kapoor, whose term ends on 31 January. [caption id=“attachment_4179905” align=“alignleft” width=“380”] Representational image. Reuters[/caption] The private sector lender said net provisions stood at Rs 550.2 crore on account of Rs 570.8 crore of accelerated provisioning on exposure to a “stressed infrastructure conglomerate”, according to a stock exchange filing. The bank, however, did not name the conglomerate. According to the filing, the bank’s net interest income grew 41.2 percent year-on-year (y-o-y) to Rs 2,666.4 crore. Its advances grew 42.2 percent y-o-y to Rs 2,43,885 crore. Yes Bank’s gross non-performing asset (NPA) increased to 2.1 percent of the total advances in the quarter, compared with 1.72 percent in the year-ago period. Net NPA also increased to 1.18 percent from 0.93 percent.       To keep watching India’s No. 1 English Business News Channel – CNBC-TV18, call your Cable or DTH Operator and ask for the Colors Family Pack (inclusive of 24 channels), available for Rs. 35/- per month, or subscribe to the channel for Rs. 4/- per day. To keep watching the Leader in Global Market & Business News – CNBC-TV18 Prime HD, call your Cable or DTH Operator and ask for the Colors Family HD Pack (inclusive of 25 channels), available for Rs. 50/- per month, or subscribe to the channel for Rs. 1/- per day.