YES Bank Q1 Results: Profit rises 10% YoY ; NII up 8% 6 hours ago

 Private sector lender Yes Bank on July 22 reported a 10.26 percent year-on-year (YoY) rise in net profit to Rs 342.5 crore in the first quarter of the current financial year, up from Rs 314.3 crore in the year-ago period.

The bank's asset quality saw a healthy improvement for the quarter. The lender's gross non-performing assets (GNPAs) stood at 2 percent compared with 13.4 percent in the corresponding quarter of the previous fiscal.

The net non-performing assets (NNPA) for the quarter stood at 1 percent compared with 4.2 percent in the year-ago quarter.

Prashant Kumar, Managing Director and CEO, Yes Bank said, “Q1FY24 was a steady quarter where we have demonstrated significant progress in line with our strategic objectives. While the balance sheet granularity momentum continued, we also delivered strong growth in our fee income while containing our operating and credit costs."

"With the focus of the bank now firmly aligned towards improving the profitability of the franchise, over the coming quarters, we will continue to work on levers that further accelerate this momentum such as improvement in NIMs and CASA ratio, reducing the drag from legacy PSL requirements, further cross-sell and product penetration," Kumar added.

The lender's net interest margin (NIM) for the June quarter stood at 2.5 percent up nearly 10 basis points YoY, while its non-interest income (NII) was at Rs 1,141 crore, up 54 percent YoY and 13.7 percent QoQ.

The bank's gross slippages for Q1FY24 were reported at Rs 1,430 crore compared to Rs 1,072 crore in the same period in the last financial year, and Rs 1,196 crore in the fourth quarter of FY23.

Total deposits for the quarter stood at Rs 219,369 crore, up 13.5 percent YoY and 0.9 percent QoQ. The bank's CASA ratio (ratio of deposits in current, and saving accounts to total deposits) was at 29.4 percent compared to 30.8 percent in Q1FY23 and Q4FY23. The lender opened 3,55,000 new CASA accounts in Q1FY24. Its retail and small business deposits (gross LCR definition) grew 17.9 percent YoY.