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Yes Bank net up 19%

Mumbai, April 23: Yes Bank today met Street estimates by posting an 18.8 per cent jump in net profit at Rs 430.21 crore for the fourth quarter ended March 31.

The private sector bank had a net profit of Rs 362.15 crore in the corresponding quarter of the previous fiscal.

Net interest income (NII) grew nearly 13 per cent to Rs 719.6 crore from Rs 638 crore in the year-ago period.

NII is interest earned minus interest paid.

The bank’s board of directors today approved a proposal to raise funds through an equity issue of up to $500 million in one or more tranches by way of qualified institutional placement or other international offering such as global or American depository receipts.

The bank has proposed a dividend of Rs 8 per share for 2013-14.

Net interest margin remained steady at 3 per cent at the end of March 2014.

Gross non-performing advances as a proportion of gross advances stood at 0.31 per cent. Total restructured advances stood at Rs 100.9 crore, representing 0.18 per cent of gross advances against 0.31 per cent last year. There were no fresh restructuring during the quarter.

Total advances grew 18.4 per cent to Rs 55,633 crore with corporate banking constituting 63.3 per cent of the advances portfolio. Deposits increased nearly 11 per cent to Rs 74,192 crore.

Low-cost CASA (current and savings account) deposits grew around 29 per cent to Rs 16,344.7 crore, taking the CASA ratio to 22 per cent from 18.9 per cent a year ago.

Yes Bank shares gained 1.67 per cent to close at Rs 441.55 on the BSE.

 
 
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