Yes Bank Q1 net profit jumps 53% to ₹310 crs (YOY)

Today on 23 of July another private sector lending bank, Yes Bank Ltd experienced a growth of 50% on a year-over-year basis in net profit in the quarter that ended on June 30, This profit is also experienced by higher basic income and provisioning lower.

Net profit of the company for this quarter was Rs 311 crore, in comparison to profit of Rs 207 crore a year ago. The experts and analysts made an expectation for the company to make a net profit of Rs 156 crore for the first quarter of 2022- 2023.

Net interest income for the quarter was up by 32% from a year ago and was at Rs 1,850 crore. Other income also reached Rs 781 crore, down 10% year on year.

The bank’s asset quality deteriorated with total bad assets at 13.4%, down 50 basis points Quarter on Quarter basis. Similarly, the net non-performing asset ratio of the bank fell by 30 basis points to 4.2%.

Provisions for the quarter amounted to Rs 175 crore, down by 62% from a year ago in 2021- 2022.

Total advances are up by 14% from a year ago and stand at Rs 1.86 lakh crore. Deposit improves by 18% and up to Rs 1.93 lakh crore.

Yes bank’s stock price locked at Rs 14.70 on yesterday’s closing. According to the sources it can be said that once the ongoing deal with the US-based JC Flowers ARC for hiving off the stressed assets concludes, there would be a couple of investors taking entry in yes bank with stake of about 10 percent. Last Saturday the bank rolled Swiss challenge to well their liability of Rs 48000 Cr to ARC, that will be helpful for the books of bank.