Yes Bank net profit zooms 355% to Rs 207 cr in Apr-Jun

Yes Bank on Friday reported almost five-fold increase in its net profit for April-June quarter at Rs 207 crore, the highest since December 2018, on higher corporate recoveries. The bank had posted a net profit of Rs 45 crore in the year-ago quarter, while in the preceding March quarter, it had reported a net loss of Rs 3,788 crore.

Corporate recoveries and resolutions at Rs 1,643 crore far outpace slippages of Rs 1,258 crore and almost entirely offset total slippages, the bank said in a release. Total provisions stood at Rs 644 crore in June quarter, the lowest since December 2018.

Also Read: Jio Platforms net profit rises 45% to Rs 3,651 crore in Apr-Jun

However, net interest income (NII) declined 26.5 per cent year-on-year to Rs 1,402 crore in the quarter under review. Net interest margin (NIM) stood at 2.1 per cent in April-June quarter against 3 per cent in the corresponding quarter of previous year and 1.6 per cent in preceding March quarter.

Yes Bank's current account and saving account (CASA) ratio rose 130 basis points on quarter to 27.4 per cent in June quarter, with the bank opening about 1,50,000 CASA accounts in the quarter.

On asset front, the bank's gross non-performing assets (NPA) declined to 15.60 per cent from 17.30 per cent in June quarter a year ago and 15.41 per cent in fourth quarter of FY21. Net NPA also fell to 5.78 per cent from 4.96 per cent a year ago and 5.88 per cent in March quarter.

Shares of Yes Bank on Friday closed 0.38 per cent higher at Rs 13.07 on the BSE.