NEW DELHI: on Saturday reported a net profit of Rs 367 crore for the March quarter compared with a loss of Rs 3,788 crore in the corresponding quarter last year. The profit figure was up 37.9 per cent sequentially over the December quarter’s Rs 266 crore.
The private lender said its net interest income (NII) rose 84.4 per cent year-on-year (YoY) to Rs 1,819 crore from Rs 987 crore in the same quarter last year. Non-interest income also grew 27.9 per cent YoY to Rs 882 from Rs 689 crore, the bank said.
The bank made provisions worth Rs 271 crore for the quarter, which was down 27.7 per cent over the December quarter’s Rs 375 crore and down 94.7 per cent over the year-ago quarter’s Rs 5,113 crore.
Net interest margin (NIM) improved to 2.5 per cent in the March quarter from 2.4 per cent in the December quarter and 1.6 per cent in the year-ago quarter.
Asset quality also improved with gross NPA coming in at 13.9 per cent of total advances compared with 14.7 per cent in the preceding quarter of FY22 and 15.4 per cent in the March quarter of FY21.
MD & CEO Prashant Kumar said the transformation journey taking place at YES Bank has resulted in sustained improvement in balance sheet growth, accelerated granularisation, improving asset quality trends, enhanced liquidity and stronger capital position over the past 2 years.
“While the core operating profitability of the franchise continues to improve, the drag from legacy stressed assets has significantly reduced, resulting in net profitability. The bank continues to invest in its digital infrastructure in its quest to retain its dominant place in the country’s digital payments and fintech ecosystem. The bank has built up significant momentum in new business generation while continuing to invest in its platform and people to build a differentiated franchise that delivers sustainable and profitable growth in a responsible manner,” he said.