Private sector lender Yes Bank today reported a net profit of Rs 1,002.73 crore in the second quarter of the fiscal, up about 25 per cent year-on-year. The bank’s net profit was at Rs 801.54 crore in the same quarter a year ago. In a regulatory filing, it said the Net Interest Income increased to Rs 1,885.1 crore in the July quarter of the fiscal. The 33.5 per cent increase in NII was driven by “steady growth in advances and CASA and expanding margins”, it said. The lender reported a total income of Rs 6,048.78 crore as against Rs 4,982.23 crore during the second quarter of the last financial year. The bank’s operating profit was Rs 1,906.7 crore for the second quarter of 2017-18, showing y-o-y growth of 37.6 per cent. Its bad loans situation witnessed a deterioration as the Gross Non-Performing Assets (GNPAs) grew to Rs 2,720.34 crore (1.82 per cent) during the second quarter of 2017-18 from Rs 916.68 crore (0.83 per cent) in the corresponding period last year.
Net NPAs also rose to 1.04 per cent of assets as of September 2017-end as compared to 0.29 per cent in the comparable period of 2016-17. “The increase in NPA and consequent provision is in conformity with RBI’s Annual Risk Based Supervision (RBS) exercise conducted for FY2017 (finalised in October 2017). The Bank has fully absorbed the impact of such re-classifications in the results for Q2FY18,” the bank said.
The total Standard Restructured Advances as a proportion of gross advances was at 0.08 per cent (Rs 116.1 crore) as of September 30, 2017, down from 0.24 per cent as of June 30, 2017, the bank said, adding no additional restructuring during the quarter was undertaken. As per the filing, bank’s provision and contingencies increased to Rs 447.06 crore in the reporting quarter from Rs 161.67 crore year-on-year. Yes Bank’s share closed at Rs 331.70 apiece on BSE, up 1.24 per cent.