Yes Banks Q1 net profit jumps 30.5% Rs 1,260.36 cr; total income up 43%
Yes Banks's gross non-performing assets (NPAs) rose to 1.31 percent of gross advances as on 30 June, 2018, against 0.97 percent as on 30 June, 2017.
New Delhi: Private sector lender Yes Bank's net profit jumped 30.5 percent to Rs 1,260.36 crore for the quarter ended on June 30, 2018, on the account of higher income.
The bank had reported a net profit of Rs 965.52 crore in the same quarter of last fiscal.
Total income of the bank jumped to Rs 8,272.18 crore in the April-June quarter, up 42.96 percent from Rs 5,785.96 crore in the same quarter of 2017-18, the private bank said in a regulatory filing.
Provisions for bad loans and contingencies, however, more than doubled to Rs 625.65 crore in the June quarter from Rs 285.78 crore in the year-ago period.
Gross non-performing assets (NPAs) of the bank rose to 1.31 percent of gross advances as on 30 June, 2018, against 0.97 percent as on 30 June, 2017.
Net NPAs or bad loans were up to 0.59 percent of net advances on 30 June, 2018, from 0.39 percent at the end of the first quarter of 2017-18.
Yes Bank reported 22.7 percent growth in net interest income to Rs 2,219.1 crore in the first quarter while its non-interest income grew by 49.6 percent year-on-year to Rs 1,694.1 crore.
"The growth has been well segmented...particularly Retail Business which grew 105 percent year-on-year taking retail banking proportion in total advances to 14 percent. The exponential growth momentum in retail...is further expected to increase granularity in the bank's asset and liabilities over the quarters to come," Yes Bank Managing Director & CEO Rana Kapoor said.
NIM, a key parameter to gauge the profitability of a bank, was at 3.3 percent during the reported quarter.
Yes Bank stock was trading 2.82 percent lower at Rs 372.65 apiece on BSE.
Shares of Yes Bank plummeted nearly 20 percent on Thursday after the company reported a slump of 92.4 percent in consolidated net profit in the first quarter ended June this fiscal
In absolute terms, Axis Bank's gross NPAs stood at Rs 22,030.87 crore as on 30 June, 2017 compared to Rs 9,553.17 crore a year earlier.
Private sector Karur Vysya Bank's net profit plunged 68.97 percent to Rs 68.97 crore for the quarter ended 30 June on the account for higher provisions for bad loans