Yes Bank Q2 Results: Net Profit Surges Over 47% To Reach Rs 225.21 Cr

On 21 October, Yes Bank reported a 47.4 per cent increase in its net profit to Rs 225.21 crore in the second quarter of the current financial year, compared to Rs 152.82 crore in the same period the previous year. However, on a sequential basis, net profit fell over 34 per cent.

During the reporting quarter, the asset quality of the bank improved, with the gross non-performing asset (NPA) ratio standing at 2 per cent, and the Net NPA ratio at 0.9 per cent. In terms of absolute figures, gross NPA stood at Rs 4,319.03 crore as of September 30, and net NPA was Rs 27,419.11 crore as of the same date.

Provisions and contingencies in the reporting quarter fell by 14.1 per cent year-on-year to Rs 500.38 crore, compared to Rs 582.81 crore in the same period the previous year. The Provision Coverage Ratio (PCR) of the bank was 56.4 per cent, an improvement from 48.4 per cent the previous quarter. Including Technical write-offs, the PCR was 72.1 per cent, up from 67.8 per cent.

During the reporting quarter, Yes Bank reported a deposit growth of 17.2 per cent year-on-year and an increase of 6.8 per cent sequentially, reaching Rs 2.34 lakh crore. Advances grew by 9.5 per cent year-on-year and 5.2 per cent sequentially to reach Rs 2.20 lakh crore.

Despite a challenging environment, the CASA Ratio remained stable on a sequential basis at 29.4 per cent. During the quarter, 3.91 lakh CASA Accounts were opened.

The bank's net interest income (NII) stood at Rs 1,925 crore, up by 3.3 per cent year-on-year. Net interest margins (NIM) for Q2FY24 were at 2.3 per cent, a decrease of nearly 30 basis points (Bps) year-on-year and 20 bps sequentially.

In Q2FY24, Non-Interest Income was Rs 1,210 crore, up by 38.4 per cent year-on-year and 6.0 per cent sequentially. During the July-September quarter, YES Bank reported interest income of Rs 4,785.61 crore, compared to Rs 3,483.02 crore in the same period the previous year.