Yes Bank's Q4 Net Profit Soars 123% To Rs 451 Cr
The bank's gross non-performing asset (NPA) ratio decreased to 1.7 percent from 2.2 percent in the corresponding quarter of the previous year
Yes Bank, a private sector lender, announced a net profit of Rs 451 crore for the January-March quarter of the financial year 2023-24, reflecting a significant increase of 123 percent compared to the Rs 202 crore recorded in the same period last year.
The bank's gross non-performing asset (NPA) ratio decreased to 1.7 percent from 2.2 percent in the corresponding quarter of the previous year. Similarly, the net NPA ratio improved to 0.6 percent from 0.80 percent year-on-year. Gross slippages for Q4FY24 amounted to Rs 1,356 crore, compared to Rs 1,233 crore in Q3FY24.
Net interest income (NII) for the quarter stood at Rs 2,153 crore, showing a marginal increase of 2 percent from Rs 2,105 crore reported in the same quarter of the previous fiscal year.
The bank's net advances grew by 13.8 percent year-on-year to reach Rs 2.27 lakh crore, driven by sustained growth in SME and mid-corporate advances, along with the resumption of growth in the corporate segment.
Total deposits increased by 22.5 percent to Rs 2.6 lakh crore, with a CASA ratio of 30.9 percent compared to 30.8 percent in Q4FY23.
Despite these positive indicators, the bank experienced a compression in net interest margin, which decreased to 2.4 percent from 2.8 percent in Q4FY23.
