YES Bank Q1 results: Net profit rises 60%, NII advances 6%; asset quality remains stable

YES Bank's net interest income or the difference between interest earned on loans and expended on deposits rose 6% to ₹2,371 crore as against ₹2,244 crore in the year-ago period. YES Bank, the country's leading private sector lender on Saturday, July 19, reported net profit of ₹801 crore in the first quarter of current financial year, marking an increase of 60% from ₹502 crore in the same period last year. Its net interest income or the difference between interest earned on loans and expended on deposits rose 6% to ₹2,371 crore as against ₹2,244 crore in the year-ago period. The bank's provisions came down by 11% sequentially to ₹284 crore in June quarter from ₹318 crore in the previous quarter. YES Bank's asset quality remained stable as its gross non-performing assets (NPA), as a percentage of total advances, came in unchanged at 1.6% sequentially and on an annual basis its gross NPA came down by 10 basis points from 1.7%. Its net NPA came in unchanged at 0.3%. In absolute terms, gross NPA stood at ₹4,022 crore as against ₹3845 crore in the corresponding period last year. “The Bank entered the new financial year on a strong footing and delivered a robust performance with net profit rising to ₹801 crore, marking a 59.4% YoY growth. Key metrics such as RoA (0.8%), PPoP (₹1,358 crore), and NIM (2.5%) showed notable improvement. Asset quality remained stable, CASA witnessed healthy growth, and CET1 strengthened to 14.0%," said Prashant Kumar, Managing Director & CEO, YES Bank. During the quarter, Sumitomo Mitsui Corporation Bank (SMBC) entered into definitive agreement to acquire 20% equity stake from SBI and other banks, SBI continues to be a major shareholder. The bank received credit ratings upgrade from Moody’s, ICRA, and CARE underscoring its solid fundamentals and accelerating growth momentum, YES Bank said in a press release. YES Bank shares ended 0.1% higher at ₹20.17 a day ahead of its earnings announcement.