Rana Kapoor in Mumbai on Wednesday. (Fotocorp)
Mumbai, Jan. 16: Private lender Yes Bank today reported a 34.7 per cent rise in net profit at Rs 342.31 crore for the December quarter on the back of expansion in net interest margin and non-interest income growth.
Net profit stood at Rs 254.09 crore during the same period previous year.
“As a result of a strong performance...we have witnessed yet another robust quarter with net profit crossing Rs 342 crore. The bank posted strong growth in net interest income on the back of expansion in net interest margin to 3 per cent,” managing director and CEO Rana Kapoor said.
Net interest margin expanded 0.10 per cent over the last quarter to 3 per cent on a healthy jump in the low-cost current and savings account (CASA) deposits.
CASA deposits rose to 18.3 per cent of the total base as on December 31, 2012, compared with 12.6 per cent a year ago.
Non-interest income rose 48.1 per cent to Rs 313.2 crore on a rise in transaction banking, retail banking fees and financial advisory services.
Core net interest income rose 36.7 per cent to Rs 584.3 crore.
The bank’s loan book grew 22.4 per cent and liabilities rose 20.2 per cent.
Kapoor said the bank would continue to focus on retail and small enterprises to drive growth, without diverting attention from corporate banking.
Kapoor said the bank was interested in acquiring RBS India’s retail assets.
He said the acquisition was a good fit for the bank’s retail strategy and would give an opportunity to access RBS India’s 1,200-strong talent pool.