Yes Bank Q2 earnings : Net profit rises over 47%

 


Yes Bank of October 21 reported a 47.4 percent rise in its net profit to Rs 225.21 crore in the second quarter of the current financial year. In the previous quarter last year, net profit of the bank stood at Rs 152.82 crore.


On sequential basis, net profit falls over 34 percent. The asset quality of the bank in the reporting quarter improved, with gross non-performing asset (NPA) ratio stood at 2 percent, and Net NPA ratio stood at 0.9 percent.


In absolute terms, gross NPA stood at Rs 4319.03 crore as on September 30, and net NPA stood at Rs 27419.11 crore as on September 30.


In the reporting quarter, provisions and contingencies fell 14.1 percent on-year to Rs 500.38 crore. In the similar period last year, it stood at Rs 582.81 crore. Provision Coverage Ratio (PCR) of the bank stood at 56.4 percent, as against 48.4 percent last quarter. Including Technical  write-off, PCR stood at 72.1 percent, as compared to 67.8 percent.


Yes Bank, the private sector lender has reported deposits growth of 17.2 percent on-year, which is up 6.8 percent on-quarter to Rs 2.34 lakh crore, while its advances increased by 9.5 percent on-year and 5.2 percent on-quarter to Rs 2.20 lakh crore as detailed in the filing with BSE dated October 3.


In the reporting quarter, CASA Ratio remained stable on sequential basis, at 29.4 percent despite challenging environment. 3.91 lakh CASA Accounts opened during the quarter, release said.


The net interest income of the bank stood at Rs 1,925 crore, which was 3.3 percent up on-year. Net interest margins (NIM) for Q2FY24 at 2.3 percent down by nearly 30 basis points (Bps) on-year and 20 bps on-quarter.


In Q2FY24, Non-Interest Income at Rs 1,210 crore, up 38.4 percent on-year and 6.0 percent on-quarter.


YES Bank in July-September quarter reported interest expanded at Rs 4785.61 crore, as compared to Rs 3483.02 crore in a similar period last year.

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YES Bank Q1 Results: Profit rises 10% YoY ; NII up 8% 6 hours ago


 Private sector lender Yes Bank on July 22 reported a 10.26 percent year-on-year (YoY) rise in net profit to Rs 342.5 crore in the first quarter of the current financial year, up from Rs 314.3 crore in the year-ago period.


The bank's asset quality saw a healthy improvement for the quarter. The lender's gross non-performing assets (GNPAs) stood at 2 percent compared with 13.4 percent in the corresponding quarter of the previous fiscal.


The net non-performing assets (NNPA) for the quarter stood at 1 percent compared with 4.2 percent in the year-ago quarter.


Prashant Kumar, Managing Director and CEO, Yes Bank said, “Q1FY24 was a steady quarter where we have demonstrated significant progress in line with our strategic objectives. While the balance sheet granularity momentum continued, we also delivered strong growth in our fee income while containing our operating and credit costs."


"With the focus of the bank now firmly aligned towards improving the profitability of the franchise, over the coming quarters, we will continue to work on levers that further accelerate this momentum such as improvement in NIMs and CASA ratio, reducing the drag from legacy PSL requirements, further cross-sell and product penetration," Kumar added.


The lender's net interest margin (NIM) for the June quarter stood at 2.5 percent up nearly 10 basis points YoY, while its non-interest income (NII) was at Rs 1,141 crore, up 54 percent YoY and 13.7 percent QoQ.


The bank's gross slippages for Q1FY24 were reported at Rs 1,430 crore compared to Rs 1,072 crore in the same period in the last financial year, and Rs 1,196 crore in the fourth quarter of FY23.


Total deposits for the quarter stood at Rs 219,369 crore, up 13.5 percent YoY and 0.9 percent QoQ. The bank's CASA ratio (ratio of deposits in current, and saving accounts to total deposits) was at 29.4 percent compared to 30.8 percent in Q1FY23 and Q4FY23. The lender opened 3,55,000 new CASA accounts in Q1FY24. Its retail and small business deposits (gross LCR definition) grew 17.9 percent YoY.

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Yes Bank Q4 results: Net profit declines 45%


Private lender Yes Bank Ltd on Saturday reported 45% drop in standalone net profit at Rs 202 crore for the quarter ending March 31, 2023 as provisions for bad loans increased. The bank reported standalone net profit of Rs 367 crore in the year-ago period.


Prashant Kumar, MD & CEO, Yes Bank said: “Over the last three years, the Bank has significantly progressed on several strategic objectives such as strengthening of Governance and Compliance Standards, bolstering the Balance Sheet through granularity, addressing the asset quality concerns, building up a strong liability franchise and expanding the customer base.


"At the same time, with continuous focus on retail, we have continued to expand our footprints with new Branches, increased the employee headcount and stepped-up our investments in technology. Our Retail franchise has now reached a critical scale and is poised for profitable growth. With the current momentum of accelerated growth, the efficiency gains and operating leverage will naturally drive the Bank’s profitability upwards."

Yes Bank’s provisions and contingencies increased to Rs 618 crore from Rs 271 crore a year earlier.


The lender's asset quality was mixed. The gross non-performing asset (NPA) ratio rose to 2.17% from 2.02% in the December quarter.


The gross NPA ratio was down from 13.93% a year earlier. In December Yes Bank completed the transfer of bad loans worth Rs 48,000 crore to private equity firm JC Flowers in a deal aimed at cleaning up its balance sheet.


The net NPA ratio was 0.83%, down from 1.03% in the prior three months.


Yes Bank's net interest income, the difference between the interest income from lending and that paid to depositors, rose 15.7% to Rs 2,105 crore from Rs 1,819.5 crore in the year-ago period. The net interest margin, a key indicator of a bank's profitability, rose to 2.8% from 2.5% a year earlier.


The private lender's net advances grew by 12.3% on year, led by retail loans, while deposits rose 10.3%.


Profits for both the March quarter and the fiscal year have been impacted by accelerated provisioning, the bank said.


For the entire fiscal FY23, the bank witnessed a 32.7% decline in its net profit at Rs 717 crore, it said in a regulatory filing.

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YES Bank Q3 profit rises 76.8% YoY


Yes Bank on Saturday reported a 76.8% year on year rise in net profit at 
Rs.266.4 crore in October-December quarter of FY22 as compared to Rs.150.7 crore profit during the same quarter last year. The private lender's profit rose 18.2 per cent on quarter on quarter basis from Rs.225 crore, while operating profit was up 7.7 per cent on Q-o-Q basis and down 66.4 per cent on YoY basis.


YES Bank's total net income in Q3 FY22 dipped by 31.5 per cent to Rs.2,498 crore in October-December 2021 quarter as against Rs.3,648 crore recorded in the corresponding period of previous year.


Yes Bank's net interest income, however, declined 31 per cent YoY to Rs.1,764 crore in Q3 FY22 compared to Rs.2,560 crore recorded in the corresponding quarter of 2020-21, while it grew at 16.6 per cent on Q-o-Q basis, Yes Bank said in a stock exchange filing. 


The bank's other or non-interest income in the said quarter stood at Rs.734 crore vs ₹1,087 crore recorded in the third quarter of 2020-21.


The bank's GNPA ratio further improved to 14.7 per cent, vs 15.0 per cent last quarter, led by lower slippages at Rs.978 crore vs Rs.1,783 crore in Q2 FY22.


Yes Bank's resolution momentum has continued with ₹610 crore of cash recoveries and Rs.573 crore of upgrades during Q3 FY22. The balance sheet also stayed above Rs.3 lakh crore for first time since Sept 2019, up 6 per cent Q-o-Q.

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YES Bank Q2 Results: Net profit soars 74% YoY


YES Bank today reported a 74.3 per cent year-on-year growth in net profit to Rs 225 crore for the quarter ended September as against analysts’ expectations of a Rs 31 crore net loss.The lender’s net interest income in the quarter, however, fell 23.4 per cent on-year to Rs 1,512 crore, which was below analysts’ expectations.

The healthy bottomline performance of the lender was thanks to a sharp decline in provisions. YES Bank’s provisions for bad loans declined 65 per cent year-on-year to Rs 377 crore.

The lender also reported a marked improvement in its asset quality in the quarter as gross non-performing loans ratio fell to 15 per cent from 15.6 per cent in the previous quarter. Similarly, net NPA ratio came in at 5.5 per cent as against 5.8 per cent in the previous quarter.

YES Bank said gross restructured loans at the end of the quarter were at Rs 6,184 crore. Overdue book, loans on which payments are due for more than 30 days but less than 90 days, declined Rs 6,000 crore sequentially.

Impressively, YES Bank’s current account-savings account ratio increased to 29.4 per cent in the reported quarter from 27.4 per cent in the previous quarter. At the same time, the portion of retail loans in total loan disbursements in the quarter improved 100 basis points sequentially to 55 per cent.

YES Bank’s advances posted a 3.5 per cent year-on-year growth but rose 5.6 per cent on a sequential basis. Deposits showed a remarkable 30 per cent on-year growth indicating that the lender is winning back the trust of customers.

However, the operating performance of the lender was underwhelming as operating profit declined 45.8 per cent on-year to Rs 678 crore. The net interest margin in the quarter fell 2.2 per cent from 3.1 per cent in the year-ago quarter.

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Yes Bank Q1 net profit up 355% YoY


Private lender Yes Bank's net profit rose by 355.2 per cent to Rs 207 crore in the first quarter ended June 2021 (Q1FY22) on a rise in non-interest income and a sharp dip in provisions.The bank posted net profit of Rs 45 crore during the same quarter last year (Q1FY21). Sequentially, the bank had booked a loss of Rs 3,788 crore in the quarter ended March 2021 (Q4FY21).


Its net interest income (NII) fell by 26.5 per cent in Q1FY22 to Rs1,402 crore from Rs 1,908 crore in Q1FY21. In April-June 2021,the moratorium was in force and bank booked interest income, which was reversed in the fourth quarter (Q4Fy21). Sequentially, NII was up by 42.1 per cent from Rs 987 crore in Q4Fy21.


Net interest margin (NIM) for the reporting quarter declined to 2.1per cent for Q1FY22 from three per cent for Q1FY21. However, sequentially NIM rose from 1.6 per cent in Q4Fy21.Prashant Kumar, its managing director and chief executive said the bank would close the financial year with NIM of about 2.6 per cent.


Its non-interest income was up by 70.2 per cent on YoY basis to Rs 1,056 crore in Q1FY22. Sequentially, it rose by 29.5 per cent from Rs 816 crore in Q4Fy21.The bank's asset quality profile improved with gross non-performing assets (NPAs) at 15.6 per cent by June 2021 from 17.3 per cent a year-ago. Sequentially, GNPAs rose marginally from 15.41 per ceny in March 2021.


Net NPAs rose to 5.78 per cent during the quarter from 4.96 per cent a year ago. Net NPAs were at 5.88 per cent in March 2021.Its provisions fell 40.7 per cent to Rs 644 crore in Q1FY22 from Rs 1,087 crore in Q1FY21. The provisions were at Rs 5,240 crore in Q4Fy21.


The provision coverage ratio (PCR) rose marginally to 79.3 per cent for Q1Fy22 from 79.1 percent a year ago. PCR was 78.6 per cent in March 2021.The impact of Covid-19 has been factored and going forward the upgrades will be more than slippages, said Prashanth Kumar.


Advances shrank by 0.5 per cent to Rs 1.63 trillion in Q1FY22, while deposits also grew by 39.1 per cent to Rs 1.63 trillion in June 2021. Bank has guided for 15 per cent credit growth with retail & MSMEs segment at 20 per cent and corporate growth of 10 per cent in Fy22.The bank’s total Capital Adequacy Ratio (CRAR) stood at 17.9 per cent in June 2021 with tier I of 11.6 per cent.

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Yes Bank Q4 net loss widens marginally

 


Private lender Yes Bank's standalone net loss widened marginally to Rs 3,788 crore in the March quarter of FY21 as against net loss of Rs 3,668 crore a year ago. The lender posted net profit of Rs 148 crore in the December quarter.


Deposits rose 55 per cent on an annual basis to Rs 1.62 trillion. Net interest income declined 23 per cent to Rs 987 crore as against Rs 1,274 crore in the year-ago period.


"FY21 was the year of rebuilding the foundation of YES Bank. Bank demonstrated significant improvement in performance across key indicators despite severe headwinds of Covid-19 and moratorium imposed on the bank in March 2020," the lender said on Friday in a stock exchange filing.


Provisions rose 7.5 per cent during the quarter to Rs 5,240 crore as compared to Rs 4,872 crore in March 2020.


Despite elevated slippages, the bank has prudently made accelerated provisioning reflected in the Provision Coverage Ratio (PCR) for NPA at 79 per cent, said YES Bank.


On Friday, the bank's scrip on NSE closed 0.7% higher at Rs 14.60.


During the quarter, the total income of the bank declined to Rs 4,805.30 crore from Rs 5,818.59 crore in the same period a year ago, Yes Bank said in a regulatory filing.


At the same time, provisions (other than tax expense) and contingencies rose to Rs 5,239.59 crore as compared to Rs 4,872.34 crore.


On the asset front, the bank's gross non-performing assets (NPAs) as of March 31, 2021 stood at 15.41 per cent of the gross advances, slightly down from 16.80 per cent in the year-ago period.


However, net NPAs rose to 5.88 per cent from 5.03 per cent in the year-ago period.


For the full 2020-21 fiscal, the bank narrowed its net loss to Rs 3,462.23 crore from a loss as high as Rs 16,418.02 crore in the previous year.


Total income during the year also witnessed a decline to Rs 23,382.56 crore from Rs 29,508.10 crore a year ago.


The bank said proactive provisioning of Rs 250 crore towards COVID-19 related restructuring (Rs 2,500 crore) is expected to be implemented in first quarter of the current fiscal.


"Deferred tax asset of Rs 9,354 crore as at March 31, 2021 is carried in the balance sheet, as basis financial projections approved by the Board of Directors, there is reasonable certainty of having sufficient taxable income to enable realization of the said deferred tax asset as specified in Accounting Standard 22 (Accounting for Taxes on Income)," it said.


The current second wave of COVID-19 pandemic has resulted in reimposition of localised lockdowns in various parts of the country, it said, adding the extent to which the pandemic will impact the bank's results will depend on ongoing as well as future developments, which are highly uncertain.


On March 5, 2020, the Reserve Bank had imposed a moratorium on the troubled private sector lender, including capping withdrawals at Rs 50,000 per depositor, after it found that the new management was unable to raise the urgent core capital which had fallen much below the mandated level.


Later, the Union Cabinet cleared a rescue package for the bank involving a Rs 7,250 crore investment by the State Bank of India (SBI). Four private lenders also committed an additional Rs 3,100 crore as part of the rescue plan.

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Yes Bank Q3 results: Net profit rises, NII jumps


YES BANK
 on Friday reported a 16.5% quarter-on-year increase in net profit to ₹151 crore for the quarter ended on 31 December. The bank saw a net profit of ₹129.37 crore for the quarter ended 30 September. The private lender posted a net loss of ₹18,560 core for the corresponding quarter last year.

The private lender's net interest income, the difference between interest earned and interest, expended 29% quarter-on-quarter to ₹2,560 crore in the quarter under review. It was ₹1,973 crore during the September quarter. Thanks to significant increase in the retail fees, the bank's non-interest income for Q3FY21 saw an increase of 69.4% quarter-on-quarter to 1,197 crore.

Provisions in the quarter under review increased 85.3% quarter-on-quarter to ₹2,199 crore, against ₹1,187 crore in Q2FY21, the bank said in the filing.

"Total step up in provisioning of ₹2,935 crore; consists of additional ₹765 crores towards COVID-19 related provisioning (aggregate at ₹2,683 crore) and balance majorly towards increasing PCR of both NPA and NPI," the lender said in the regulatory filing.

The bank’s gross non-performing assets (NPAs) improved to 15.4% as against 16.9% in September quarter. YES Bank’s net NPAs came in at 4%, compared with 4.7% in the September quarter.

The private lender's operating profit declined 13.1% year-on-year to ₹1,472 crore. Net advances at ₹1,69,721 crore grew 1.7% quarter-on-quarter, with strong pickup in retail and SME disbursement at ₹11,917 crores, the bank said.

Bank's total balance sheet size grew 18.6% quarter-on-quarter to ₹260,062 crore in the December quarter. Total deposits reported a increase of 7.7% (QoQ) to ₹146,233 crore crore. Its CASA ratio also improved at around 26% compared to 24.8% at Spetember, 2020.

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