Private sector
Yes Bank on Thursday posted a 38.2 per cent jump in net profit for the June quarter to Rs 216.1 crore on the back of a healthy growth in interest income and advances.
Its net profit for the corresponding April-June period last year had stood at Rs 156.4 crore.
"We are satisfied with the performance, especially considering the high interest rate environment," the bank's Founder, Managing Director and Chief Executive
Rana Kapoor said.
He attributed the growth in profit to the 26.1 per cent jump in advances for the quarter ended June 30 and the almost 15 per cent rise in fee income at Rs 165.3 crore.
Kapoor said the bank is targeting to achieve a 35 per cent overall credit growth for FY'12.
The bank's net interest income was Rs 354.2 crore, up 35 per cent.
It was able to maintain net interest margin at 2.8 per cent during the quarter and Kapoor said the NIM will cross 3 per cent by the end of FY'12, once there is a pause in the current phase of rate tightening by the Reserve Bank and the proportion of low-cost CASA (current and savings account) deposits improves through branch expansion.
Yes Bank's CASA ratio stood at 10.9 per cent as on June 30, and overall deposits grew 44.1 per cent during the reporting period.
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