All Rights Reserved Finance News 2020.
YES Bank Q3 Success: Lender posts 77% YoY jump in profit at Rs 266 crore
NEW DELHI: Non-public lender on Saturday documented a 77 percent year-on-year (YoY) jump in net profit at Rs 266 crore for the January quarter compared with a new profit of Rs 151 crore in the corresponding quarter a year ago.
Analysts were generally expecting the bank to be able to report losses for that quarter.
Provisions for that quarter plunged 82.1 per cent YoY to Rs 375 crore against Rs 2,089 crore in the year-ago quarter.
The lender reported a 31 per cent YoY fall in net attention income (NII) at Rs 1,764 crore from Rs 2,560 crore in the same fraction last year. Net attention margin (NIM) for that quarter came in at 2.5 per cent compared with 2.2 per cent in the September fraction and 3.5 per cent in often the year-ago quarter.
Cost associated with funds for the lender came in at 5.1 percent against 5.5 per cent in often the preceding quarter together with 6.1 percent in the same interval last year.
Gross non-performing asset (GNPA) relation improved to 14.7 percent sequentially compared with 15 per cent in the Oct quarter, led by simply lower slippages at Rs 978 crore (versus Rs just one,783 crore in Q2FY22).
NPA provision coverage relation stood at 79.3 per cent.
In a filing to be able to BSE, the bank explained the resolution energy continued with Rs 610 crore of money recoveries and Rs 573 crore associated with upgrades during the fraction.
Balance sheet garnished Rs 3 lakh crore mark the first time since the September fraction of 2019. It had been up nearly a few per cent sequentially, the financial institution added.
Granularity ongoing to improve, the lender explained, with retail: corporate and business mix at 57:43, up 300 basis points sequentially. CASA ratio got in at 30.4 per cent, way up 100 bps sequentially.
Retail disbursements for that quarter stood at 9,313 crore, followed by SME expenditures at Rs 5,940 crore together with wholesale disbursements at Rs 4,760 crore.
New CASA records opened in per month crossed 1 lakh mark in January, YES Bank explained. The bank said that opened 22 brand new branches and greater headcount by just one,065 since Mar 31, 2021. The lender had closed someone buy of YES AMC during the quarter.