Yes Bank's net profit jumps to Rs 965 crore in Q1FY18; 60% NPA recovered
The net interest income of Yes Bank in Q1FY18 stood at Rs 1808.9 crore, a growth of 44% on the back of rise in Advances & CASA and steady expansion of net interest margin.
Yes Bank on Tuesday announced its financial result for the quarter ended on June 30. The Bank reported a net profit of Rs 965.5 crore, a rise of 31.9% as against Rs 731.8 crore during the same period last year.
On quarterly basis, the bank has reported a rise of 5.6% as it had posted a net profit of Rs 914.1 crore in the fourth quarter of last fiscal.
The net interest income in Q1FY18 stood at Rs 1808.9 crore, a growth of 44% on the back of rise in Advances & CASA and steady expansion of net interest margin. NIM expanded to 3.7% in Q1FY18 from 3.6% in Q4FY17.
Gross Non-performing Advances (GNPA) in Q1FY18 was at 0.97% or Rs 1364.4 crore and net non-performing advances were at 0.39% or Rs 545.3 crore.
The bank in a regulatory filing said that nearly 60% of bad loans recovered from one extraordinary account classified as NPA in Q4FY17. Further time bound recoveries expected. Provision coverage ratio in Q1FY18 stood at 60%.
During the quarter, CASA stood at Rs 55,215.1 crore, a rise of 52% from Rs 36,288.3 crore in Q1FY17.
Commenting on the results and financial performance, Rana Kapoor, Managing Director & CEO, YES BANK said, “We will be shortly commencing our 14th year of commercial operations one more quarter from now and we remain well on course to achieve our stated objectives for 2020 with yet another quarter of overall satisfactory performance. At the same time the Bank continues to garner market share in its various Corporate & MSME businesses while maintaining superior asset quality parameters. The Board is also pleased to approve Stock Split in the ratio of 5 for 1 and takes this opportunity to thank its shareholders for their valued support.”
Moreover, during the quarter, the bank's non-interest income was at Rs 1132.2 crore, an increase of 17.8% on year-on-year basis.
Soon after the bank reported positive results, the shares of the bank surged. At 1433 hours the shares of the bank were trading at Rs 1688.50 per piece, up 4.61% or Rs 74.35 on BSE.