Yes Bank's Q2 net profit declines nearly 4% to Rs 964.7 cr; gross NPAs fall to 1.6%

Mumbai: Private sector Yes Bank on Thursday reported a decline of 3.8 percent in net profit to Rs 964.7 crore for the second quarter ending September 2018.

The lender had posted a net profit of Rs 1,002.73 crore in the year-ago period.

Recently, the Reserve Bank refused to extend the tenure of the lender's long-serving MD and CEO Rana Kapoor beyond 31 January, 2019.

Representational image. Reuters

Representational image. Reuters

As per the financial results submitted by the bank to stock exchanges, Yes Bank's total income in the latest September quarter rose to Rs 8,704.68 crore from
Rs 6048.78 crore in the same period a year ago.

The bank's gross Non-Performing Assets (NPA) reduced to 1.60 percent of its total assets at the end of September. In the comparable period, the same was at 1.82 percent.

"Net profit declined 3.8 percent year-on-year to Rs 964.7 crore, which includes impact of Rs 252.2 crore of one-time MTM (Mark to Market) provisioning, pre-dominantly on corporate bonds.

"After excluding investment-related MTM provisions and profit on sale of investments, adjusted net profit grew by 36.2 percent y-o-y," Yes Bank said in a release.

Shares of the bank dropped 2.77 percent to close at Rs 198.35 on the BSE.

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Updated Date: Oct 25, 2018 17:59 PM

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