Yes Bank Q1 net soars 33 per cent to Rs 732 crore

Yes Bank Q1 net soars 33 per cent to Rs 732 crore

Mumbai, July 27 (IANS) Yes Bank on Wednesday posted a net profit at Rs 731.80 crore for the first quarter ending in June on the back of higher net interest and other incomes — a 32.76 per cent rise.

The private sector bank had reported a net profit of Rs 551.20 crore in the same period an year ago.

The bank’s net interest income increased 24.23 per cent to Rs 1,316.58 crore in the quarter, from Rs 1,059.81 crore in the April-June period last year.

Its other income during the quarter in question jumped over 65 per cent to Rs 900.52 crore from Rs 545.17 crore in the same period last year.

Net interest margin expanded to 3.4 per cent from 3.3 per cent in the year-ago period.

“Given the improving macroeconomic environment along with stable asset quality and accelerating retail franchise, the bank is well poised to capture market share across retail and corporate segments at an enhanced pace,” the bank’s Chief Executive Rana Kapoor said in a statement.

Yes Bank’s gross Non-Performing Assets (NPA), or bad loans, during the quarter in consideration grew by 12.76 per cent to Rs 844.56 crore, from Rs 748.98 crore in the previous quarter.

Gross NPAs stood at 0.79 per cent of total loans at the end of the June quarter, as compared to 0.46 per cent in the same period an year ago quarter.

The bank’s stock was trading lower by 0.02 per cent at Rs 1,200 a share at 2.28 p.m. on the Bombay Stock Exchange.

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