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Yes Bank net profit rises 25.1% in Q2

Mumbai, Oct 26 (IANS) Yes Bank Ltd on Thursday reported a 25.1 per cent increase in its net profit to Rs 1,002.73 crore for the quarter ended September 30, 2017 as compared to Rs 801.54 crore in the corresponding period last year.

The lender’s net interest income for the September quarter was at Rs 1,885.1 crore, up by 33.5 per cent year-on-year, driven by steady growth in advances, CASA and expanding margins.

It also reported that its net interest margins expanded to 3.7 per cent for the quarter under review from 3.4 per cent in the year-ago period.

“Bank’s retail banking advances have posted robust growth of 78 per cent year-on-year to 11.4 per cent of outstanding book and sustained momentum in CASA accretion gives us the confidence to achieve our target CASA ratio of 40 per cent by September 2018, well ahead of our earlier target date of March 2020,” the lender’s Managing Director and CEO Rana Kapoor said.

The lender’s total capital adequacy was at 17.8 per cent and return on assets stood at 1.7 per cent.

As on September 30, 2017 its gross NPA in absolute term was at Rs 2,720.34 crore as against Rs 916.68 crore in the year-ago.

It also reported its net NPA stood at Rs 1,543.26 crore by the end of the second quarter of the current fiscal, as against Rs 323 crore by the end of the same period last year.

“The increase in NPA and consequent provision is in conformity with RBI’s Annual Risk Based Supervision (RBS) exercise conducted for FY2017 (finalised in October 2017). The Bank has fully absorbed the impact of such re-classifications in the results for Q2FY18 (Second quarter of 2017-18),” the lender said.

Kapoor said the bank’s asset quality continued to demonstrate resilience after duly incorporating the full impact of the RBI Risk Based Supervision (RBS) observations for FY17, concluded in October 2017.

Post Source: Ians feed

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