YES Bank's Q1 profit surges 50 per cent on lower provisions
Jul 23, 2022
Mumbai (Maharashtra) [India], July 23 : Private sector lender YES Bank on Saturday reported a net profit of Rs 310.63 crore for the quarter ended June 30, 2022, as compared to Rs 206.84 crore in the same quarter last year, registering a year-on-year growth of 50.17 per cent.
The bank's net interest income (NII) grew by 32 per cent year-on-year to Rs 1,850 crore.
YES Bank's net interest margin (NIM) rose by 30 basis points to 2.4 per cent for the quarter ended June 30, 2022.
The bank reported an operating profit of Rs 590 crore in Q1 FY23, registering a year-on-year growth of 33 per cent.
Total provision costs for Q1 FY23 declined by 62 per cent year-on-year to Rs 175 crore. This is primarily aided by lower slippages.
Commenting on the results and financial performance, Prashant Kumar, MD & CEO, YES Bank said, "Q1 FY23 has been a stable quarter with progress across fresh disbursements momentum, improving granularisation of assets, steady profitability and consistently improving Asset Quality metrics."
"The Balance Sheet is now resilient to navigate the volatile Interest Rate environment, and the Bank remains on track to achieve the FY23 as well as medium term guidance and objectives," Kumar said.
"More importantly, during the quarter, the Bank has successfully come out of the Reconstruction Scheme with formation of the alternate Board. In addition, term sheet has been signed for sale of identified pool of stressed assets to the ARC. Successful sale of stressed Assets will be the largest such deal in India and a significant milestone in the Bank's new journey," he added.
