Comments
Private sector lender YES Bank reported a standalone net profit of Rs 150.71 crore for the third quarter of the fiscal year with robust growth in its net interest income. It had reported a net loss of Rs 18,560 crore in the quarter ended December 31, 2019.
The bank’s board, which met on Friday, also approved raising Rs 10,000 crore of funds in one or more tranches “through one or more permissible modes, including but not limited to a Qualified Institutions Placement/ Rights Issue / Global Depository Receipts / American Depository Receipts / Foreign Currency Convertible Bonds / Further Public Offering or a combination thereof, subject to shareholders’ enabling approval,” it said in a regulatory filing.
For the October to December 2020 quarter, YES Bank’s net interest income more than doubled to Rs 2,560 crore from Rs 1,065 crore in the same period a year ago. Its non-interest income also grew by 91.4 per cent to Rs 1,197 crore in the third quarter this fiscal.
The net interest margin was at 3.4 per cent as on December 31, 2020, versus 3.1 per cent in the second quarter of the fiscal and 1.4 per cent in the third quarter of the last fiscal.
Provisions amounted to Rs 2,199 crore at the end of the third quarter this fiscal, which was 85.2 per cent higher than that in the second quarter, but was much lower than Rs 24,766 crore in the third quarter of the last fiscal.
“The total step-up in provisioning of about Rs 2,935 crore consists of an additional Rs 765 crore towards Covid-19 related provisioning (aggregate at Rs 2,683 crore) and balance majorly towards increasing the PCR of both NPA and NPI,” YES Bank said in a statement.
Related Stories
YES Bank stages a comeback as large-cap
AMFI’s latest reclassification, which MFs must follow for investments, features Adani Enterprises and 3 others in top m-cap clubGross NPAs stood at 15.36 per cent of gross advances as on December 31, 2020 versus 16.9 per cent at the end of the second quarter and 16.8 per cent a year ago. Net NPAs were at 4.04 per cent at the end of the third quarter this fiscal.
The bank said deposit mobilisation continues at Rs 1,46,233 crore, which represented 7.7 per cent growth on a sequential basis and 38.8 per cent over the nine-month period.
Net advances also grew by 1.7 per cent quarter-on-quarter at Rs 1,69,721 crore, with a strong pick-up in retail and SME disbursements.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.