Yes Bank profit rises 10.3% YoY to ₹342.5 cr in Q1 of FY24

Private Sector lender Yes Bank released the financial results for the April to June quarter on June 22. The bank's standalone profit surged 10.27% year-on-year to ₹342.5 crore during the quarter under review, as against ₹310.6 crore in the same period last year.

In the Q1 of FY24, the bank's total income stood at ₹7,584.3 crore, witnessing a growth of 29.7% year-on-year, as against ₹5,876 crore in the same period of the corresponding year. The bank's operating expenses witnessed a growth of 16% at ₹2,323.4 crore during the quarter under review, as against ₹2,001.6 crore in the same period last year.

The bank's net non-performing assets (NPA) and gross performing assets improved by 1% year-on-year and 2% YoY, respectively, during the quarter under review. On a sequential basis, while the gross NPA improved by 2.2% QoQ, the net NPA largely remained flat.

The bank's net interest income, during the quarter under review, surged by 8.1% YoY to ₹2,000 crore. The bank’s net interest stood at 2.5% up 10 basis points (bps) year-on-year. The non-interest income surged by 54% YoY at ₹1,141 crore during the quarter under review, as against ₹741 crore in the same period last year.

The bank's total deposits stood at ₹2,19,369 crore, up 13.5% YoY during the quarter under review, as against ₹1,93,241 crore in the same period last year. The bank’s deposit growth stood at 16.2% YoY. The bank’s net advances stood at ₹2,00,204 crore, witnessing a growth of 7.4% YoY as against ₹1,86,367 crore in the same period last year.

"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," says Prashant Kumar, MD and CEO, Yes Bank.

"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 which 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 into our fast expanding customer base, while continuing to maintain strict controls over costs," adds Kumar.

Ahead of the quarterly results, shares of Yes Bank closed higher by 1.86% at ₹18.06 on Friday. In contrast to this, the broader BSE Sensex closed 1.31% lower or 887.64 points at 66,684.26. During the session on Friday, the bank’s market capitalisation stood at ₹51,932.7 crore with more than 555.40 lakh shares exchanged hands on the BSE, as against the two-week average of 266.36 lakh shares.