MUMBAI – YES Bank on Saturday reported robust growth in profit for the quarter ended December 2023, with the bottom line surging more than four times year-on-year (YoY) to Rs 231 crore.
Net interest income, the difference between interest earned and interest expended, rose 2.4% YoY to Rs 2,017 crore.
Provisions for the quarter dropped sharply, which aided growth in the bottom line. Provisions and contingencies for the reported period stood at Rs 555 crore, compared with Rs 845 crore a year ago.
Despite this, the pre-provision operating profit declined 5.4% YoY to Rs 864 crore.
Gross non-performing assets as a percentage of total loans stood at 2.0% as of December end, unchanged from the year-ago as well as quarter-ago periods.
Net non-performing assets ratio stood at 0.9% as of December-end, compared to 1.0% a year ago. It was unchanged from the September quarter period.
The capital adequacy ratio under Basel III norms stood at 16% as of December-end, compared to 18% a year ago, and 17.1% a quarter ago. The net tax outgo for the quarter was Rs 78 crore, sharply higher than Rs 17 crore a year ago.
Other income during the quarter rose 12% on year to Rs 1,195 crore.
For the nine months ended December, the private sector lender reported a 55% growth in net profit to Rs 799 crore, and a 2.2% growth in net interest income to Rs 5,942 crore.
On Thursday, shares of YES Bank ended nearly 1% higher on the National Stock Exchange at Rs 24.90. The stock market was closed on Friday for Republic Day.
(Subscribe to ETMarkets WhatsApp channel)
