YES Bank reports strong 47.4% rise in Q2 net profit, asset quality improved as well

Yes Bank announced a remarkable 47.4 percent surge in its second-quarter net profit, reaching Rs 225.21 crore for the current fiscal year. This stands in stark contrast to the same quarter of the previous year when the bank's net profit was at Rs 152.82 crore.

However, on a sequential basis, there was a significant decline of over 34 percent in net profit.

During the reporting quarter, the bank's asset quality showed signs of improvement, with the gross non-performing asset (NPA) ratio holding steady at 2 percent, and the Net NPA ratio at 0.9 percent.

In absolute figures, as of September 30, gross NPA was recorded at Rs 4319.03 crore, while net NPA amounted to Rs 27419.11 crore on the same date.

The private sector lender also disclosed that its deposits experienced a notable growth of 17.2 percent on a year-on-year basis, with a 6.8 percent increase on a quarter-on-quarter basis, totalling Rs 2.34 lakh crore. Additionally, its advances witnessed a 9.5 percent growth on a year-on-year basis and a 5.2 percent increase on a quarter-on-quarter basis, reaching Rs 2.20 lakh crore.

In the July-September quarter, YES Bank's interest income surged to Rs 4,785.61 crore, a notable increase compared to the Rs 3,483.02 crore reported during the corresponding period in the previous year.

The bank's Provision Coverage Ratio (PCR) increased to 56.4 percent from the previous quarter's 48.4 percent. When considering Technical write-offs, the PCR reached 72.1 percent, up from 67.8 percent.

Despite a challenging environment in the reporting quarter, the CASA Ratio remained steady at 29.4 percent on a sequential basis. The bank also opened 3.91 lakh CASA accounts during the quarter, as per the release.

These details were provided in the filing submitted to BSE on October 3.

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