Private sector lender YES bank?s net profit for the first quarter of the current fiscal has increased by 84% to Rs 100 crore as against Rs 54 crore profit earned during the corresponding period in the previous year. The bank?s total net income for the quarter ended June 30, 2009 rose by 67% to Rs 308 crore on year-on-year basis.
The bank?s provisioning for the quarter ended June 30, 2009 rose by around five times to Rs 45 crore as against Rs 8 crore provisioning done by the bank during the corresponding period in fiscal 2008-09.
Rajat Monga, chief financial officer, YES Bank said, ?We restructured the loan accounts worth Rs 120 crore spread across eight companies in the first quarter of the current fiscal. Most of these companies are from the textile sector.?
Monga said YES Bank anticipates around 35% credit growth in the current fiscal. He said that funding companies in infrastructure and infrastructure services sector would be the prime focus of his bank, in the days to come. The bank?s board has approved the proposal to raise corpus up to $250 million in a bid to fund the proposed credit growth in the future.