YES BANK on Friday reported a 16.5% quarter-on-year increase in net profit to ₹151 crore for the quarter ended on 31 December. The bank saw a net profit of ₹129.37 crore for the quarter ended 30 September. The private lender posted a net loss of ₹18,560 core for the corresponding quarter last year.
The private lender's net interest income, the difference between interest earned and interest, expended 29% quarter-on-quarter to ₹2,560 crore in the quarter under review. It was ₹1,973 crore during the September quarter. Thanks to significant increase in the retail fees, the bank's non-interest income for Q3FY21 saw an increase of 69.4% quarter-on-quarter to 1,197 crore.
Provisions in the quarter under review increased 85.3% quarter-on-quarter to ₹2,199 crore, against ₹1,187 crore in Q2FY21, the bank said in the filing.
"Total step up in provisioning of ₹2,935 crore; consists of additional ₹765 crores towards COVID-19 related provisioning (aggregate at ₹2,683 crore) and balance majorly towards increasing PCR of both NPA and NPI," the lender said in the regulatory filing.
The bank’s gross non-performing assets (NPAs) improved to 15.4% as against 16.9% in September quarter. YES Bank’s net NPAs came in at 4%, compared with 4.7% in the September quarter.
The private lender's operating profit declined 13.1% year-on-year to ₹1,472 crore. Net advances at ₹1,69,721 crore grew 1.7% quarter-on-quarter, with strong pickup in retail and SME disbursement at ₹11,917 crores, the bank said.
Bank's total balance sheet size grew 18.6% quarter-on-quarter to ₹260,062 crore in the December quarter. Total deposits reported a increase of 7.7% (QoQ) to ₹146,233 crore crore. Its CASA ratio also improved at around 26% compared to 24.8% at Spetember, 2020.
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