YES Bank on Saturday posted its fiscal first quarter consolidated profit at Rs 516.00 crore, up 48.8 per cent as compared to Rs 346.68 crore recorded during the first quarter of FY24. On a standalone basis though, Q1 profit stood at Rs 502.43 crore. Total interest earned during the quarter was at Rs 7719.15 crore, up 19.8 per cent on-year. The private sector bank posted Net Interest Income (NII) at Rs 2,244 crore for Q1FY25, up 12.2 per cent YoY. NIM was at 2.4 per cent for the quarter.
Prashant Kumar, Managing Director & CEO, YES Bank, said, “The Bank has started the financial year on a strong footing with RoA sustaining Q-o-Q at 0.5 per cent despite seasonality of Q1 and NIL PSL shortfalls. While the Income Engines are continuing to fire with normalised Net Income Growth at 15 per cent YoY, the Bank has been able to contain the Operating Cost growth at 8.0 per cent YoY (exPSLCs). At the same time, the resolution momentum continues to be strong, leading to lower Net Credit Costs, which is also aiding in RoA expansion.”
YES Bank’s balance sheet
YES Bank posted net advances at Rs 2,29,565 crore, up 14.7 per cent on-year. The total fresh disbursements during the quarter came in at Rs 20,910 crore, wherein retail assets disbursements was at Rs 7,440 crore, rural assets disbursements was recorded at Rs 963 crore, SME disbursements came in at Rs 7,020 crore, and mid corporate disbursements was at Rs 1,429 crore. Total balance sheet, YES Bank said, grew by 14.6 per cent YoY.
Total deposits during Q1 was recorded at Rs 2,65,072 crore, up 20.8 per cent YoY. The CASA ratio came in at 30.8 per cent. The bank said that the retail and small business deposits grew by 13 per cent YoY.
Prashant Kumar added, “On the Balance Sheet front, the Bank is effectively executing its strategic objectives of sustained momentum in SME and Mid- Corporate segments, resumption of growth in Corporate segment and calibration in Retail Assets with focus on profitability. Similarly, the Retail and Branch Banking led Deposits continue to grow at a faster pace than Wholesale Deposits.”
YES Bank’s asset quality
The private sector lender posted a gross NPA ratio at 1.7 per cent as of June 30, 2024, vs 2.0 per cent at Q1FY24 and the net NPA ratio improved to 0.5 per cent vs 1.0 per cent at Q1FY24. Gross slippages for Q1FY25 was recorded at Rs 1,205 crore.
In the regulatory filing, YES Bank said that the overdue book of 31-90 days came down to Rs 3,623 Cr vs Rs 3,863 crore in Q1FY24. It further aded that 31-60 days book came at Rs 1,815 crore and 61-90 days book at Rs 1,809 crore. “Resolution momentum continues to be strong with total recoveries & upgrades for Q1FY25 at Rs 1,581 crore,” it added.
Earlier in July, global rating agency Moody’s upgraded the YES Bank’s Rating Outlook to “Positive” from “Stable”. As per Moody’s, this reflects their “expectation that a gradual improvement in YES BANK’s depositor base and lending franchise will help improve its core profitability over the next 12-18 months”.