Yes Bank Ltd today said its first quarter net profit dropped 90.97% on the back of lower other income and higher provisioning.
The bank posted a net profit ₹113.76 crore for the three months ended 30 June compared to₹1,260.36 crore in the year-ago period. Profit was lower than ₹148 crore estimated by a Bloomberg poll of 13 analysts.
Other income, which includes core fee income, dropped 24.88% to ₹1,272.66 crore in the three months from ₹1,694.14 crore a year ago.
Yes Bank's provisions during the quarter increased more than two folds to ₹1,784.11 crore as against ₹625.65 crore in the year-ago quarter. In the Dec-Mar quarter, the bank had set aside ₹3,661.70 crore in provisions.
Net interest income, or the difference between interest earned on loans and that paid on deposits, increased 2.78% to₹2,280.84 crore from ₹2,219.14 crore in the corresponding period last year.
Yes Bank's gross non-performing assets (NPAs), as a percentage of total advances, were at 5.01% in the June quarter compared with 3.22% in the March quarter and 1.31% in the year-ago June quarter.
Post-provision, the net NPA ratio was at 2.91% against 1.86% in the Dec-Mar quarter and 0.59% in the year-ago quarter.
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