New Delhi: Mumbai-headquartered Indian bank Yes Bank on Saturday reported a 10.26 per cent year-on-year (YoY) rise in its standalone profit at Rs 342.52 crore for the June quarter of FY23.
bank financial records
The private sector lender reported that its net interest income stood at Rs 1,999.6 crore, up 8.1 per cent over the previous year.
The gross non-performing assets (GNPA) ratio of the bank declined by 20 basis points sequentially to 2 per cent, however, its net NPAs increased by 20 basis points to 1 per cent over QoQ.
The bank’s provisioning in the first quarter of FY2023 stood at Rs 360 crore.
Net interest margin on NIM increased 10 basis points year-on-year to 2.5 per cent in the April-June quarter. The bank’s net advances grew 7.4 per cent year-on-year to Rs 2,00,204 crore, while total deposits grew 13.5 per cent year-on-year to Rs 2,19,369 crore.
CEO says, ‘NIMs and CASA ratio will improve’
Prashant Kumar, CEO & MD, Yes Bank said, “With the Bank’s focus now towards improving franchisee profitability, in the coming quarters, we will continue to work on levers that will accelerate this momentum such as improving NIM and CASA ratio, reducing drag from legacy PSL requirements, cross-sell and product penetration to our fast-growing customer base, while maintaining a tight control on costs.”
Yes Bank’s loan book improved as the retail advance mix stood at 47.2 per cent, as against 38.6 per cent in the April-June quarter of FY13 and 45.5 per cent in the previous quarter.
Going forward, the balance loan book currently comprises 14 per cent SME, 14 per cent medium to corporate and 25 per cent corporate.
The private entity’s balance sheet grew by 11.7 per cent year-on-year, while the CASA ratio stood at 29.4 per cent as against 30.8 per cent in Q1FY23 and Q4FY23.
Yes Bank shares were up 1.86 per cent at Rs 18 on the BSE on the last day of the trading session.