Yes Bank posts 31% rise in Q3 net profit
NIM expanded to 3.5% for Q3FY17 from 3.4% in Q2FY17.
Yes Bank on Thursday reported a net profit of Rs 882.6 crore, a rise of 30.6%, during the quarter ended on December 31 as against Rs 675.74 crore during the same period last year.
The bank's Gross Non Performing Advances (GNPA) at 0.85% (Rs 1005.9 Crores) and Net Non PerformingAdvances stable at (NNPA) at 0.29% (Rs 342.4 Crores) as at Q3FY17.
Commenting on the results and financial performance, Mr. Rana Kapoor, Managing Director & CEO, YES BANK said, “YES BANK has delivered another quarter of satisfactory performance across key financial parameters of Growth and Profitability driven by expansion in NIMs to 3.5%, while maintaining healthy Asset Quality. During the quarter, the Bank further augmented its Digital offerings and partnerships in line with the Government of India’s push towards a Less-Cash economy."
The total net income jumped by 31.7% to Rs 2505.8 crore in Q3FY17. The Net Interest Income stood at Rs 1507.5 crore in Q3FY17, registering a growth of 30.3% on back of growth in Advances & CASA and expansion in Net Interest Margins.
NIM expanded to 3.5% for Q3FY17 from 3.4% in Q2FY17. CASA ratio at 33.3%, 6.7% increase in one year from 26.6% a year ago on the back of 63.3% growth y-o-y. SA and CA deposits posted growth of 64.3% and 61.5% respectively.
"Bank’s comprehensive product offerings continue to enable a healthy and granular Advances growth of 38.7% y-o-y. Further, to aid growth momentum, Bank raised ` 3,000 Crores of Basel III complaint AT1 bonds, reflecting faith of marquee investors in our robust business and financial model," Kapoor added.
At 1419 hours the shares of the bank were trading at Rs 1342.85 per piece, down 0.26% or Rs 3.45 on BSE.