Money & Banking

Yes Bank reports 355% rise in Q1FY22 net profit

Our Bureau Mumbai | Updated on July 23, 2021

This is the highest profit since December 2018, the lender said

Private sector lender Yes Bank is back in the black with a 355 per cent jump in its net profit to ₹206.84 crore in the quarter-ended June 30, 2021 compared to the same period last year.

The bank had reported a net loss of ₹3,787.75 crore in the quarter-ended March 31, 2021 and a net profit of ₹45.44 crore in the first quarter of last fiscal.

“This is the highest profit since December 2018,” Yes Bank said in a statement on Friday.

However, the lender’s total net income fell 2.8 per cent to ₹2,459 crore for the first quarter of this fiscal from ₹2,529 crore a year ago.

NII and NPAs

Net interest income declined by 26.5 per cent to ₹1,402 crore in the first quarter of the fiscal from ₹1,908 crore in the corresponding period last fiscal.

Net interest margin was down at 2.1 per cent on June 30, 2021 compared to 3 per cent a year ago.

Non interest income, however, shot up by 70.3 per cent on a year on year basis to ₹1,056 crore in the April to June 2021 quarter.

Provisions fell by 40.7 per cent to ₹644 crore in the first quarter of the fiscal from ₹1,087 crore a year ago.

Prashant Kumar, Managing Director and CEO, Yes Bank said going forward the requirement of provisions will further come down.

Gross non-performing assets were ₹28,505.95 crore or 15.6 per cent of gross advances as on June 30, 2021 from 17.3 per cent a year ago. However, net NPAs rose to 5.78 per cent of net advances from 4.96 per cent as on June 30, 2020.

The bank’s total gross restructured loans across all categories, including Covid-related one, amounted to ₹4,976 crore for the first quarter this fiscal. Of this, Covid-related restructuring stood at ₹3,300 crore. The lender said it does not expect too many further requests for restructuring.

Net advances fell 0.5 per cent on a year on year basis to ₹1,63,654 crore as on June 30, 2021 while total deposits grew 39.1 per cent to ₹1,63,295 crore.

Published on July 23, 2021

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