Yes Bank Ltd. reported first quarter net profit grew 46.7% Year on Year (YoY) to ₹502 crore. Net Interest Income (NII) for the quarter ended June grew 12.2% to ₹2,244 crore.
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The bank’s advances grew 14.7% YoY to ₹299,565 crore. Deposits grew 20% YoY to ₹265,072 crore.
In the first quarter the bank witnessed strong resolution momentum with recoveries/ resolutions to the tune of ₹1,581 crore.
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Gross NPA ratio at 1.7% as of June 30, 2024, improved as compared with 2.0% at the end of year ago period.
Net NPA ratio improved to 0.5% as compared with 1.0% at the end of the same period last year.
Gross slippages for the quarter at ₹1,205 crore was less than ₹1,482 crore in the year ago period.
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“Resolution momentum continues to be strong with total recoveries and upgrades for Q1FY25 at ₹1,581 crore,” the bank said in a statement.
Prashant Kumar, Managing Director & CEO, Yes Bank in a statement said, “The bank has started the financial year on a strong footing ...While the income engines are continuing to fire with normalised net income growth at 15% YoY, the bank has been able to contain the operating cost growth at 8.0% YoY.”
“At the same time, the resolution momentum continues to be strong, leading to lower net credit costs , which is also aiding in Return on Assets (RoA) expansion,” he added
“On the balance sheet front, the bank is effectively executing its strategic objectives of sustained momentum in SME and mid-corporate segments, resumption of growth in corporate segment and calibration in retail assets with focus on profitability,” he further said.