Yes Bank Q4FY23 Results: Net Profit Slumps 45% YoY To Rs 202 Cr
Yes Bank on Saturday reported a 45 per cent year-on-year (YoY) slump in its net profit for the quarter ended 31 March, 2023.
The drop in numbers was on account of increased provisions for bad loans.
The profit for the quarter under review came in at Rs 202 crore compared to Rs 367 crore in the year-ago quarter.
On a sequential basis, however, the profit soared 288 per cent as in the previous quarter it came in at just Rs 52 crore.
The bank's net interest income increased to Rs 2,105 crore in Q4FY23 from Rs 1,819 crore in the year-ago period, marking a 15.7 per cent jump. The NII also witnessed a near 7 per cent growth from the previous quarter of 2023.
Its non-interest income for the quarter under review came in at Rs 1,082 crore, which is nearly 23 per cent higher compared to Rs 882 crore in the year-ago period.
The total net income, combining NII and non-interest income, stood at Rs 3,188 crore in Q4 FY23, which is 18 per cent higher YoY and up 2.4 per cent quarter-on-quarter (QoQ).
“Over the last three years, the Bank has significantly progressed on several strategic objectives such as strengthening of Governance and Compliance Standards, bolstering the Balance Sheet through granularity, addressing the asset quality concerns, building up a strong liability franchise and expanding the customer base," said Prashant Kumar, managing director and chief executive officer of Yes Bank.
The gross non-performing asset (GNPA) ratio stood at 2.2 per cent in March quarter, as against 13.9 per cent the year-ago period.
The bank's operating expenses in Q4 FY23 came in at Rs 2,299 crore, which is 19.3 per cent up YoY, according to an exchange filing.
The cost to income ratio was at 72.1 per cent in Q4 FY23 against 71.3 per cent in Q4FY22.
The bank's balance sheet during the quarter under review grew 11.5 per cent YoY and 3.2 per cent QoQ to Rs 3,54,786 crore. The total deposits stood at Rs 2,17,502 crore, up 10.3 per cent YoY and 1.8 per cent QoQ.
Net advances during the March quarter stood at Rs 2,03,269 crore, which is up 12.3 per cent as against the year-ago period and 4.5 per cent higher from last quarter.
"Moreover, the significant recoveries and upgrades during the year and particularly Q4 have been utilised for accelerated provisioning to step-up PCR and normalise credit costs over the near term," Kumar said.
