Yes Bank Q1 net profit rises 27.7 per cent at Rs 551 cr on high interest income

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Updated: July 29, 2015 3:32:43 PM

Yes bank on Wednesday said that its net profit grew 27.7 per cent for the quarter ended June 30, 2015.

yes bank q1 profitYes Bank’s net interest income was at Rs 1,059.8 cr with a y-o-y growth of 42.2 per cent. (PTI)

Yes bank on Wednesday said that its net profit grew 27.7 per cent to Rs 551.20 crore for the quarter ended June 30, 2015, on higher net interest income.

Bank’s net profit during the April-June quarter of the previous fiscal was Rs 431.54 crore.

Its net interest margin (NIM), the key gauge of profitability, expanded to 3.3 per cent in the first quarter of the current fiscal, from 3 per cent in the year-ago period, Yes Bank said in a filing on BSE.

Net interest income of the bank rose by 42.2 per cent, year-on-year, to Rs 1,059.80 crore, it said.

Total income also increased to Rs 3,797.02 crore in the first quarter of 2015-16 as against Rs 3,093.19 crore in the same period of previous fiscal.

However, bank’s asset quality slipped during the period under review, with gross Non-Performing Assets (NPAs) rising to 0.46 per cent of the gross advances as against 0.33 per cent a year ago.

Similarly, net NPAs or bad loans also inched up to 0.13 per cent, from 0.07 per cent of net advances.

Yes Bank’s total advances grew by 35.1 per cent to Rs 79,665.60 crore and total deposits grew by 25.2 per cent to Rs 95,315.90 crore as on June 30, 2015.

“Yes Bank…has posted another satisfactory quarter of consistent results, which is reflected in strong loan growth, NIM expansion and continued resilience in asset quality,” said Rana Kapoor, Managing Director and CEO Yes Bank.

The RBI approval for setting up IFSC unit in GIFT city in Gujarat will significantly enhance Yes Bank’s international banking product offerings for the Bank’s corporate clientele while enabling long term foreign currency fund raising for the bank at competitive rates, he said.

“Also, RBI’s recent approval for the Bank to act as primary dealer will further complete our product suite in becoming a complete Rupee Debt House,” Kapoor added.

Yes Bank stock was up 2.59 per cent at Rs 815.25 on the BSE after it declared results for the first quarter.

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