Private sector lender Yes Bank on Wednesday reported a net profit of Rs 540.30 crore, up 30% year-on-year, for the quarter ended December, on a robust growth in the net interest income (NII) and expansion in the net interest margins (NIM).
The bank reported a 36.6% rise in NII at Rs 909 crore compared with Rs 665.40 crore in the corresponding period last year, on the back of a steady growth in advances. Non-interest income rose 38.4% to Rs 536.80 crore compared with Rs 387.90 crore last year.
NIM rose to 3.2% y-o-y against 2.9% last year while the operating profit surged 40.4% to Rs 862.70 crore driven by growth in NII and non-interest income.
However, there was a slight deterioration in the asset quality with gross non-performing assets (NPA) at 0.42% of gross advances compared with 0.39% last year. Net NPAs saw a marginal rise to 0.10% of net advances from 0.08% for the same period last year.
Yes Bank chief financial officer Rajat Monga said, “Fresh additions to NPAs have been a little less than Rs 70 crore. The bank has added less NPAs in the current quarter compared with the last quarter.” He said the bank has added one account in the restructured category this quarter and has not sold any to asset recovery companies (ARCs) this time.
Total advances grew 32.4% to Rs 66,606.90 crore as of December 31, 2014, with corporate banking accounting for 68.7% of the advances and retail banking, including MSME/business banking accounting for 31.3%. The bank’s total deposits grew 21% y-o-y to Rs 82,370 crore. Monga said the cost of funds has also moderated by 20 basis points.
Yes Bank is looking forward to raise infra bonds worth Rs 3,000 crore in multiple tranches in the current quarter, he added.
The stock closed at Rs786.80 on BSE and had hit an intra-day high at Rs 793.55.