Higher interest income and robust loan growth helped Yes Bank report a 38 per cent jump in net profit at Rs 401 crore in the April-June quarter.
The private sector bank had posted a profit of Rs 290 crore in the year-ago quarter.
Net interest income (difference between interest earned and spent) increased 40 per cent at Rs 659 crore on the back of higher margins and advances growth. Other income rose 53 per cent to Rs 442 crore
During the quarter, the net interest margin increased to 3 per cent, against 2.8 per cent in the corresponding quarter last fiscal. As on June 30, 2013, total advances grew 24 per cent year-on-year to Rs 47,898 crore. Deposit growth was higher by 30 per cent at Rs 65,245 crore.
Gross non-performing assets (NPAs), or bad loans, dipped marginally to 0.22 per cent (0.28 per cent). Net NPAs also fell to 0.03 per cent (from 0.06 per cent).
However, provisioning during the quarter trebled to Rs 97 crore (Rs 30 crore).
Capital adequacy ratio, as per Basel III norms, declined to 15.4 per cent (17 per cent).
Despite strong first quarter results, the RBI measures announced on Tuesday impacted the bank’s scrip, which fell sharply by 12.63 per cent to close at Rs 383.35 per share on the Bombay Stock Exchange.
Appointment
The bank appointed Brahm Dutt, a retired IAS officer, as additional independent director on the Board with effect from July 24.
beena.parmar@thehindu.co.in