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YES Bank on Thursday reported a near 31 per cent jump in its net profit along with higher provisioning for the quarter ended June 30, 2018.
Led by a sharp growth in its retail business, the private sector lender has recorded a 30.5 per cent increase in its net profit at Rs 1,260.4 crore during the first quarter of the fiscal, compared with Rs 965.5 crore a year ago.
Total income of the bank grew nearly 43 per cent to Rs 8,272.18 crore in the April-June quarter from Rs 5,785.96 crore in the same quarter of 2017-18. Its net interest income also rose 22.7 per cent to Rs 2,219.1 crore from Rs 1,808.9 crore.
“The growth has been well segmented across corporate, IBU, SME and particularly retail business, which grew 105 per cent year on year, taking the retail banking proportion in total advances to 14 per cent,” said Rana Kapoor, Managing Director and CEO, YES Bank.
However, the bank’s provisioning for bad loans and contingencies shot up 118.9 per cent to Rs 625.65 crore in the June quarter from Rs 285.78 crore a year ago.
Gross non-performing assets (NPAs) as a per cent of gross advances rose to 1.31 as on June 30, 2018, against 0.97 per cent as on June 30, 2017 and 1.28 per cent in the quarter ended March 31, 2018.
Net NPAs rose to 0.59 per cent of net advances on June 30, 2018, from 0.39 per cent at the end of the first quarter of 2017-18. Net NPAs amounted to 0.64 per cent in the quarter ended March 31, 2018.
YES Bank shares ended the session down by 3.61 per cent at Rs 369.60 on the BSE.
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