Yes Bank Q1 Results: Profit Rises 10.3%, Provisions More Than Double

Yes Bank Ltd. reported a rise in net profit for the first quarter of the current financial year on the back of higher core income.

The bank's standalone net profit rose 10.3% year-on-year to Rs 342.5 crore. Analysts polled by Bloomberg estimated a Rs 263 crore net profit for the three months.

Net interest income rose 7.8% from a year ago and stood at Rs 1,999.6 crore. Other income was also up 54% year-on-year to Rs 1,141 crore.

Gross non-performing asset ratio for the bank fell by 20 basis points sequentially to 2%. Net NPA rose to 1% as of June 30, as compared with 0.8%, as of March 31.

Provisions for the quarter more than doubled year-on-year from Rs 174 crore as of Q1 FY23 to Rs 360 crore.

Yes Bank's advances grew by 7.4% year-on-year and stood at Rs 2 lakh crore as of Q1 FY24, up from Rs 1.86 lakh crore a year earlier. But advances contracted quarter-on-quarter, down 1.5% from Rs 2.03 lakh crore as of March 31.

The bank's total deposits registered a growth of 13.5% year-on-year to Rs 2.19 lakh crore. Yes Bank's CASA ratio—the share of low cost current account and savings account deposits to overall deposits—declined to 29.4% year-on-year in Q1 FY24 from 30.8% in Q1 FY23.

The bank's gross slippages also rose year-on-year to Rs 1,430 crore in Q1 FY24 from Rs 1,072 crore in Q1 FY23.

Shares of Yes Bank closed higher by nearly 2% at Rs 18 apiece on Friday.