Yes Bank Reports Strong Q1 Growth: Deposits Rise, Advances Up 7.5% YoY
Yes Bank, a leading full-service commercial bank, has announced its financial results for the first quarter of the fiscal year. The bank witnessed a notable increase in its deposits and advances, reflecting positive momentum in its operations.
As of June end, Yes Bank's deposits stood at Rs 2.19 lakh crore, marking a 0.9 per cent growth compared to the previous quarter. This growth in deposits demonstrates the bank's ability to attract funds from customers and build a strong financial base.
The bank's Current Account Savings Account (CASA) ratio, a crucial indicator of its cost of funds, was recorded at 29.4 per cent as of 30 June 2023. This reflects a slight decline from the previous year's ratio of 31.6 per cent but remains a healthy level. Maintaining a stable CASA ratio is vital for banks to effectively manage their operating costs and optimise profitability.
In terms of loans and advances, Yes Bank witnessed a 7.5 per cent year-on-year growth, with total advances amounting to Rs 200,308 crore. This growth signifies the bank's ability to meet the borrowing needs of its retail, MSME, and corporate clients. Despite the challenging economic environment, Yes Bank has managed to sustain its lending activities and support various sectors.
The credit to deposit ratio, a measure of a bank's ability to utilise its deposits for lending, was recorded at 91.3 per cent as of 30 June 2023. This figure reflects a decline from the previous year's ratio of 96.4 per cent, indicating a more balanced approach in managing the bank's lending portfolio.
Additionally, Yes Bank's liquidity coverage ratio, a key metric to assess a bank's ability to meet short-term liquidity needs, was reported at 125.6 per cent. This signifies the bank's robust liquidity position, which is crucial for maintaining financial stability and meeting regulatory requirements.
Despite the challenging economic landscape, Yes Bank has continued to serve its customers with a range of products, services, and digital offerings. The bank's financial performance in the previous quarter reflects its dedication to delivering value to retail, MSME, and corporate clients.
In the fourth quarter of the previous fiscal year, Yes Bank reported a standalone net profit of Rs 202.43 crore, marking a decline of 44.91 per cent compared to the same period in the previous year. However, the bank witnessed a substantial 25.2 per cent year-on-year growth in total income, reaching Rs 7,298.51 crore. These results indicate the bank's commitment to driving growth while navigating the evolving market conditions.
Yes Bank's positive performance in deposits and advances in the first quarter demonstrates its resilience and ability to adapt to changing dynamics. The bank remains focused on enhancing its customer offerings, strengthening its financial position, and delivering sustainable growth in the future.
