Yes Bank Q3 Net Profit Up Four Times On Lower Provisions

Private sector lender Yes Bank reported a 345% rise in net profit on a year-on-year basis, but missed estimates.

Net profit for the lender stood at Rs 231.5 crore in the October-December quarter, compared with Rs 52 crore a year ago. Analysts polled by Bloomberg estimated a net profit of Rs 367 crore for the quarter.

Core income, or net interest income, for the quarter rose 2.3% year-on-year to Rs 2,017 crore. Other income for the bank rose 12% from a year ago to Rs 1,194.6 crore.

• Net profit rose 345% to Rs 231.5 crore from Rs 52 crore (YoY)

• Net interest income grew 2.3% to Rs 2,017 crore from Rs 1,971 crore (YoY)

• Gross NPA: 2% vs 2% (QoQ)

• Net NPA: 0.9% vs 0.9% (QoQ)

Total provisions for the bank dropped 34% year-on-year to Rs 555 crore.

Net advances for the lender rose 12% year-on-year to Rs 2.17 lakh crore. Total deposits were up 13% from last year to Rs 2.42 lakh crore.