Private lender Yes Bank Ltd.’s net profit rose in the fourth quarter of fiscal 2024 on higher other income and lower provisions. It also beat analysts’ estimates.
The standalone net profit increased 123% year-on-year to Rs 452 crore for the quarter-ended March, according to an exchange filing on Saturday. Analysts polled by Bloomberg estimated a net profit of Rs 305.90 crore.
Sequentially, the net profit was up 95.2%.
Net interest income, or core income, for the lender stood at Rs 2,153 crore, up 2.2% year-on-year. Other income rose 56.2% year-on-year to Rs 1568.6 crore bolstering the bottomline.
The other income included fees and commissions earned from guarantees and letters of credit, loans, and financial advisory fees, according to a statement sent to the stock exchanges.
Yes Bank Q4 Results Highlights (Standalone)
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Net profit up 123% to Rs 452 crore vs Rs 202 crore (YoY).
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Net interest income up 2% to Rs 2153 crore vs Rs 2,105 crore (YoY).
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Gross NPA at 1.7% vs 2.02% (QoQ).
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NNPA at 0.6% vs 0.9% (QoQ).
The lender’s asset quality improved in the quarter with gross non-performing asset ratio falling 32 basis points sequentially to 1.7%. Net NPA ratio also improved, by 30 bps sequentially, to 0.6%, compared with 0.9% in Q3.
Provisions for the quarter fell 23.7% year-on-year to Rs 470.8 crore. In the previous quarter, there was a sharp uptick in provisions.
Gross slippages for Yes Bank stood at Rs 1,356 crore, up 9.9% quarter-on-quarter.
The lender’s operating expenses rose 27% year-on-year to Rs 2,819.1 crore. Of these, payments to and provisions for employees rose 20.1% year-on-year to Rs 1,025.9 crore.
Net interest margins, a key profitability indicator for the lender stayed flat sequentially at 2.4% for the quarter ended March.
The lender’s net advances grew 12.1% year-on-year to Rs 2.27 lakh crore. Here, retail advances were up 15.5% year-on-year to Rs 1.05 lakh crore, SME was up 25.6% year-on-year to Rs 35,327 crore, and mid-corporate was up 27.2% year-on-year to Rs 34,393 crore.
Total deposits for the bank rose 22.5% year-on-year to Rs 2.66 lakh crore. CASA ratio for the quarter improved 120 bps quarter-on-quarter to 30.9%.