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MUMBAI: Yes Bank has reported a net profit of Rs 231 crore, an increase of four-and-a-half times the Rs 52 crore in the corresponding quarter last year.
The increase in profit despite lower operating profits was because of a sharp drop in provisions to Rs 555 crore in Q3FY24 from Rs 845 crore in the third quarter last year.
Operating profits at Rs 864 crore were 5.4% lower as net interest income grew by only 2.3% year on year to Rs 2,017 crore, while non-interest income rose 12% to Rs 1,195 crore. Operating expenses were up 10% at Rs 2,347 crore.
On Monday, the Supreme Court will hear a petition against a stayed Bombay high court order which set aside Yes Bank’s decision to write down Additional Tier 1 bonds of Rs 8,415 crore. The write-down was part of Yes Bank’s government notified reconstitution plan in 2000.
“We had a reasonably good quarter. Our deposit growth, excluding certificates of deposits, was 15% year on year, which was higher than the advances growth of 13.6%,” said Prashant Kumar, MD and CEO,Yes Bank.
He said that the bank added nearly four lakh new current and savings accounts and 96% of savings accounts were opened digitally. The bank added 14 new branches in the last quarter, taking the total branch expansion to 50 during the current fiscal.
The increase in profit despite lower operating profits was because of a sharp drop in provisions to Rs 555 crore in Q3FY24 from Rs 845 crore in the third quarter last year.
Operating profits at Rs 864 crore were 5.4% lower as net interest income grew by only 2.3% year on year to Rs 2,017 crore, while non-interest income rose 12% to Rs 1,195 crore. Operating expenses were up 10% at Rs 2,347 crore.
On Monday, the Supreme Court will hear a petition against a stayed Bombay high court order which set aside Yes Bank’s decision to write down Additional Tier 1 bonds of Rs 8,415 crore. The write-down was part of Yes Bank’s government notified reconstitution plan in 2000.
“We had a reasonably good quarter. Our deposit growth, excluding certificates of deposits, was 15% year on year, which was higher than the advances growth of 13.6%,” said Prashant Kumar, MD and CEO,Yes Bank.
He said that the bank added nearly four lakh new current and savings accounts and 96% of savings accounts were opened digitally. The bank added 14 new branches in the last quarter, taking the total branch expansion to 50 during the current fiscal.
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