Yes Bank Q1 Result, Profit up 33%, revenue in-line; asset quality stable

Private sector lender Yes Bank Wednesday reported 32.8 percent rise in net profit to Rs 731.8 crore during the first quarter ended June.

The bank's net profit during April-June quarter of the previous fiscal was Rs 551.20 crore.

Total income also increased to Rs 4,762.8 crore in the first quarter of 2016-17 as against Rs 3,797.02 crore in the same period of previous fiscal.

However, bank's asset quality slipped during the period under review, with gross Non-Performing Assets (NPAs) rising to 0.76 percent of the gross advances as against 0.46 percent a year ago.

Similarly, net NPAs or bad loans also inched up to 0.29 percent, from 0.13 percent of net advances.

Net interest margin (NIM), the key gauge of profitability, expanded to 3.4 percent in the first quarter of the current fiscal, from 3.3 percent in the year-ago period, Yes Bank said in a statement.

The bank has delivered another highly satisfactory quarter of financial performance reflected in strong and quality growth, sustained profitability and continued resilience in asset quality, said Rana Kapoor, Managing Director and CEO Yes Bank.

Further, the bank has received an in-principle approval from the Securities & Exchange Board of India (Sebi) to setup an Asset Management Company (AMC) which will further deepen our value proposition for the retail customers, he said.