Yes Bank Q1 net up 51 pct at Rs 54.33 cr

Written by Agencies | Mumbai, July 31: | Updated: Jul 31 2008, 20:05pm hrs
Private sector lender Yes Bank on Thursday announced a jump of 50.9 per cent in the net profit for the quarter ended June 30, 2008, to Rs 54.33 crore over the year-ago period.

The bank had a net profit of Rs 36 crore in the June quarter last fiscal, Yes Bank said in a filing to the Bombay Stock Exchange.

The total income of bank rose to Rs 486.19 crore in the quarter under review, from Rs 348.49 crore in the same period a year ago.

"In the challenging market environment, we have preserved to ensure high credit quality of assets while maintaining income and growth objectives", Yes Bank Managing Director and CEO Rana Kapoor said.

The net interest income rose 53 per cent to Rs 414.70 crore in the June quarter, from Rs 271 crore in the corresponding period a year-ago. The total deposits also rose 45 per cent to Rs 12,552 crore in the quarter under review.

During the quarter the bank had raised Rs 364 crore to fund its expansion plans during the year, the filing said.

Shares of Yes Bank were trading at Rs 129, up 1.49 per cent in the late afternoon trade on the BSE.