Yes Bank Q3 net profit grows 25% to Rs 676 cr

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Mumbai | Published: January 30, 2016 12:14:13 AM

Yes Bank on Friday posted a 25.06% growth in its net profit for the third quarter at Rs 675.70 crore compared to the same period last year.

Yes Bank on Friday posted a 25.06% growth in its net profit for the third quarter at Rs 675.70 crore compared to the same period last year.

Net interest income (NII) — the difference between interest earned and interest expended — rose 27.28% to Rs 1,157 crore on a year-on-year basis. Non-interest income rose by 39% to Rs 746.10 crore compared to the year-ago period. Net interest margin (NIM) rose by 20 basis points on year in the third quarter to 3.4%.

Operating profit grew by 33.26% on a Y-o-Y basis to Rs 1,149.60 crore during the quarter under review.

Gross non-performing assets (NPA) as a percentage of gross advances rose by 24 basis points from the same period last year to 0.66%. On a sequential basis, GNPAs rose by 5 bps.

Net NPAs as a percentage of net advances rose by 12 bps to 0.22% on a Y-o-Y basis, while sequentially, it saw a rise of 2 basis points.

The bank has lowered its credit cost guidance to 50 basis points for the current fiscal year. Credit cost for the third quarter stood at 14 basis points. Provisions rose 111.8% to Rs 147.90 crore on a year-on-year basis.

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It is noteworthy that the Reserve Bank of India has asked banks to reclassify certain accounts and to make necessary provisions in the third and fourth quarters.

Yes Bank said it has not done any restructuring during the quarter and there were no slippages from the restructured book into NPAs as well. The bank has not sold any assets to ARCs for the last five quarters.

The total standard restructured advances as a proportion of gross advances stood at 0.67% or  R568.30 crore as on December 31, 2015. “Out of this, 0.34% is on account of delay in project completion in roads (three accounts), which the bank expects will achieve project closure over the next nine months given accelerated de-stressing of the road sector,” the bank said in a press release.

Total advances grew by 26.7% to R84,396.20 crore as on December 31, 2015, while total deposits grew 23.1% to R1.01 lakh crore.

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