Yes Bank reports 74.30% jump in net profit for quarter ended Sep 30
Lower provisions helped Yes Bank report a 74.30 per cent jump in net profit for the quarter ended September 30. The private sector lender posted a net profit of Rs 225.50 crore against Rs 129.37 crore a year ago.
Ahead of its numbers, there were wide variance in analyst estimates with brokerages such as Anand Rathi forecasting that its bottomline would spike by 247 per cent to Rs 448.4 crore, while others expected it to come between Rs 150 crore and Rs 200 crore. Some analysts had also pencilled in a loss for the period.
For Yes Bank, the rise came on account of a sharp fall in provisions. The lender said that provisions came down to Rs 377.37 crore from Rs 1,078 crore in the year ago period.
Asset quality of the bank also improved with gross non-performing assets (NPAs) coming at Rs 28,740.59 crore against Rs 28,505.95 crore in the preceding three months and Rs 32,344.36 crore in the year ago period.
The percentage of gross NPAs declined to 14.97 per cent from 15.60 per cent on a sequential basis, while the net NPA ratio stood at 5.55 per cent from 5.78 per cent in the April-June quarter.
Fresh slippages were lower compared with the preceding quarter at Rs 1,783 crore, of which corporate slippages stood at Rs 750 crore.