Friday, July 27, 2018

YES Bank Reports Q1 Net Jump of 30.5 Percent in 2018

Private sector lender Yes Bank on Thursday reported 30.5% jump in net profit to Rs 1,260.36 crore for the first quarter ended on June 30, 2018, on the account of higher income.

The bank had reported a net profit of Rs 965.52 crore in the same quarter of last fiscal. Total income of the bank jumped to Rs 8,272.18 crore in the April-June quarter, up 42.96% from Rs 5,785.96 crore in the same quarter of 2017-18, the private bank said in a statement.

However, provisions for bad loans and contingencies more than doubled to Rs 625.65 crore in the June quarter from Rs 285.78 crore in the year ago period. The increase in provisions was on account of rise in gross NPAs to 1.31% of advances as on June 30, 2018, against 0.97% as on June 30, 2017. At the same time, net NPAs were up to 0.59% of net advances on June 30, 2018, from 0.39% at the end of the first quarter of 2017-18.

In the second list of stressed assets referred to NCLT, the bank has total exposure of Rs 654.7 crore across seven accounts. Entire Funded exposure from the above, aggregating to Rs 568.0 crore (across three accounts), is classified as NPA and has provision coverage of 43%, it said.

Yes Bank reported 22.7% growth in net interest income to Rs 2,219.1 crore in the first quarter while its non-interest income grew by 49.6% year-on-year to Rs 1,694.1 crore.

“The growth has been well segmented...particularly retail business which grew 105% year-on-year taking retail banking proportion in total advances to 1,” Yes Bank MD& CEO Rana Kapoor said.

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