Yes Bank profit more than doubles in March quarter to Rs 452 crore

Yes Bank Q4 earnings: Yes Bank on Saturday reported that its net profit more than doubled to Rs 452 crore in January-March quarter from Rs 202 crore during the same period last year. The strong performance by the private sector lender came on the back of sharp reduction in provisions for bad loans and improvement in asset quality. Its provisions declined 24 per cent to Rs 471 crore as against Rs 617.56 crore in the year ago period.

Yes Bank's net interest income or the difference between interest earned on loans and expended on deposits rose 2.3 per cent annually to Rs 2,153 crore versus Rs 2,105 crore in the corresponding period last year.

The bank's asset quality saw an improvement as its gross non-performing assets as a percentage of total advances came in at 1.7 per cent as against 2 per cent in the previous quarter and 2.2 per cent in the year ago period. Its net non-performing assets declined 0.6 per cent from 0.9 per cent in the previous quarter.

In absolute terms, gross non-performing assets came in at Rs 3,982.56 crore versus Rs 4,394 crore in the same period last year.

The bank's balance sheet crossed Rs 4 lakh crore mark during the last quarter of previous fiscal, the Mumbai-based lender said in a press release.

“This quarter demonstrates a significant step in the RoA expansion journey, with Q4FY24 RoA expanding to 0.5 per cent. This is despite the one-off gains from tax refunds, SR recoveries and ARC Sale, being prudently utilized for strengthening the Asset Quality metrics- for instance, the NNPA + Net Carrying value of SRs have more than halved over the course of the year to 1.1 per cent from 2.4 per cent in FY23,” said Prashant Kumar, Managing Director & CEO, Yes Bank.

“Moreover, we continue to witness strong momentum in our liability franchise with growth in Deposits expanding to over 20 per cent Y-o-Y for first time in last 8 quarters. Importantly, despite challenging environment during the course of the year, our CASA ratio has expanded 10 bps Y-o-Y to 30.9 per cent. This quarter, the Bank continued to expand on its digital footprint with significant partnerships reflecting the inherent strength in the capabilities and technology infrastructure of the Bank. As the Bank embarks on the fifth year of this new journey, we remain focused on diligently executing the RoA expansion roadmap,” Kumar added.

Yes Bank shares ended 0.73 per cent higher at Rs 26.15 a day ahead of its earnings announcement.