Yes Bank Q3 profit rise by 22%

Yes Bank on Thursday reported a 22% rise in its fiscal-third quarter profit on higher net interest income and other income.

Net profit rose to Rs1076.87 crore for the quarter ended 31 December from Rs882.63 crore a year ago. According to Bloomberg survey of 15 analysts, the bank was expected to post a profit of Rs 1,075.50 crore.

Net interest income (NII) or the core income a bank earns by giving loans increased 26.8% to Rs1888.80 crore compared with Rs1489.33 crore last year. Other income was at Rs1422.26 crore, up 39.91% from Rs1016.52 crore a year ago.

Provisions and contingencies jumped 265% to Rs421.32 crore from Rs115.38 crore a year ago. On quarter-on-quarter basis, it fell 5.76% from Rs447.06 crore.

Gross non-performing assets (NPAs) almost tripled to Rs2974.34 crore at the end of the December quarter from Rs1005.85 crore in the same quarter last year.

As a percentage of total loans, gross NPAs stood at 1.72% as compared to 1.82% in the previous quarter and 0.85% in the year-ago quarter. Net NPAs were at 0.93% in the December quarter compared to 1.04% in the previous quarter and 0.29% in the same quarter last year.

During the quarter, the bank reported gross slippages of Rs494.90 crore, which includes Rs245.4 crore slippage from accounts previously classified under SDR, 5:25 and NCLT categories as on 30 September 2017. The bank made total recovery of Rs228.20 crore and write offs of Rs12.7 crore in the quarter.

Advances rose 46.5% from a year ago to Rs 1.72 trillion on the back of robust growth in both corporate and retail operations. Deposits rose 30% to Rs 1.72 trillion.