Private sector lender Yes Bank has reported 30 per cent increase in net profit at Rs 482.54 crore for the quarter ended September 30, 2014 on the back of higher income from fee and other sources.
Bank’s net profit stood at Rs 371.13 crore for the same quarter in the previous fiscal.
Total income rose to Rs 3,337.97 crore in Q2-FY15 from Rs 2,947.39 crore a year ago, the bank said in a filing to the BSE.
Net interest income grew at 27.4 per cent to Rs 856.4 crore for Q2 FY15 with healthy growth in advances and expansion of NIMs (net interest margin) to 3.2 per cent from 2.9 per cent in Q2 FY14, the company said in a statement.
Also, the bank significantly reduced provisions towards bad loans to Rs 119.51 crore from Rs 179.12 crore a year ago as bad assets were controlled.
Bank’s gross non-performing assets (NPAs) stood at 0.36 per cent of the total advances (Rs 222.4 crore) in Q2FY15, over 0.28 per cent (Rs 132.1 crore) a year ago.
Net NPAs were at 0.09 per cent (Rs 53.9 crore) during the quarter under review versus 0.04 per cent (Rs 19.4 crore) a year ago.
“…strong NII, and continued focus on revenue and business diversity leading to a stable increase in non- interest income (NII). The bank continued to deliver steady performance in Q2FY15 maintaining healthy asset quality with meaningful expansion in NIMs,” said Managing Director and CEO, Yes Bank, Rana Kapoor.
Yes Bank scrip were trading 2.77 per cent higher at Rs 656.20 during afternoon on the BSE today.