India's major private sector lender Yes Bank's net profit plunged 91% on-year to Rs 114 crore, even as higher provisions and worsening asset quality weigh.
India’s major private sector lender Yes Bank’s net profit plunged 91% on-year to Rs 114 crore, even as higher provisions and worsening asset quality weigh. The bank had reported a net profit of Rs 1,260 crore in the comparable period previous fiscal. Earlier, an ET Now poll had estmated a net profit of Rs 164 crore. The net interest income came in 2.8% higher on-year to Rs 2,281 crore. Yes Bank said that the net profit was impcted due to absorbing one off impact from MTM provisions of Rs 1,109 crore in the quarter under review. Notably, the pre-provisioning Operating Profit grew 48.0% sequentially to Rs 1,959 crore. We bring to you key figures in a nutshell.
Yes Bank net profit declines 91% on-year to Rs 114 crore; key figures
- Yes Bank has reported a 91% on-year drop in net profit to Rs 114 crore, impacted by provisions and worsening asset quality weigh. The bank had reported a net profit of Rs 1,260 crore in the comparable period previous year.
- The bank’s NII (net interest income) grew 2.8% on-year to Rs 2,281 crore in Q1FY20 despite absorbing impact of Rs 223 crore of interest
reversals on account of slippages during the quarter.
- Advances grew by 10.1% year-on-year to Rs 2,36,300 crore. Retail Advances grew 43.3% y-o-y and 7.2% sequentially to 18.3% of Advances from 14.0% last year. The Retail Advances growth accounted for 60.5% of incremental y-o-y growth in Advances, said the lender.
- The total Deposits registered a 5.9% on-year growth to Rs 2,25,902 crore. The Retail deposits grew by 37.7% y-o-y and 8.2% sequentially and now account for 28% of total deposits. As at the end of the quarter, the CASA ratio stands at 30.2%.
- Net Provisions came in at Rs 1,784 crore for Q1FY20 which includes one off impact of Rs 1,109 Crores of Investment MTM Provision led by rating downgrades of investments in Companies of 2 financial services groups, said Yes Bank.
- Gross Slippages stood at Rs 6,232 crore during Q1FY20. The recoveries and upgrades aggregated to Rs 1,678 crores during the period under review. Net Corporate Slippages were entirely from the accounts classified as BB & Below at end of Q4FY19.
- Book Value per share stands at Rs 114.3 per share as on June 30, 2019. Yes Bank shares closed 5.25% lower at Rs 98.45 on BSE.