YES Bank Q1 results: Yes Bank’s Q1 net profit jumps 46% on lower provisions and strong loan growth.
YES Bank Q1 results: Yes Bank reported a bigger-than-expected 46% rise in net profit for the April-June quarter on Saturday, helped by a drop in loan-loss provisions and robust loan growth. The private lender’s standalone net profit rose to 5.02 billion rupees ($60 million) for the financial first quarter from 3.43 billion rupees in the same period a year earlier.
YES Bank Q1 results: The logo of Yes Bank is pictured on the facade of its headquarters in Mumbai.(Reuters)
Provisions and contingencies fell 41% to 2.12 billion rupees and loans grew 14.7% on year, while deposits rose 20.8%.
Yes Bank’s net interest income rose 12% to 22.44 billion rupees and the net interest margin was down to 2.4% from 2.50% a year earlier.
The gross non-performing asset ratio was 1.7% at end of April.
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