Yes Bank announced its financial results for the January-March quarter of the fiscal year 2023-24. They reported a net profit of Rs 451 crore, showing a significant increase of 123% from the same period last year when it was Rs 202 crore.
The bank’s gross non-performing assets (NPAs) decreased to 1.7% from 2.2% compared to the previous year, indicating an improvement in asset quality. Similarly, the net NPA also improved to 0.6% from 0.80% year-on-year. The bank’s gross slippages for the quarter were Rs 1,356 crore, up from Rs 1,233 crore in the previous quarter.
In terms of earnings, the net interest income (NII) slightly increased to Rs 2,153 crore, a 2% rise from Rs 2,105 crore in the same period last fiscal.
Yes Bank’s loan portfolio grew by 13.8% year-on-year to Rs 2.27 lakh crore, driven by increased lending to small and medium-sized enterprises (SMEs) and mid-sized corporates, along with growth in the corporate segment. Total deposits grew by 22.5% to Rs 2.6 lakh crore. The CASA (Current Account Savings Account) ratio was 30.9% compared to 30.8% in the same period last year.
However, the bank experienced a decrease in its net interest margin, dropping to 2.4% from 2.8% in the previous year’s fourth quarter.
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