MY KOLKATA EDUGRAPH
ADVERTISEMENT
regular-article-logo Friday, 04 October 2024

Yes Bank witnesses two-fold jump in standalone net profit for January-March quarter

The lender reported a net profit of ₹451.89 crore against ₹202.43 crore in the same quarter of the previous fiscal

Our Special Correspondent Mumbai Published 28.04.24, 10:33 AM
Representational image

Representational image File picture

Yes Bank clocked a two-fold jump in standalone net profit for the quarter ended March 31 on lower provisions and a sharp rise in other income.

The lender reported a net profit of 451.89 crore against 202.43 crore in the same quarter of the previous fiscal.

ADVERTISEMENT

Analysts polled by Bloomberg had expected a net profit of 305.90 crore. Core net interest income rose only 2.3 per cent to 2,153 crore following lower net interest margin at 2.4 per cent from 2.8 per cent in the year-ago period. Non-interest income surged 56.3 per cent over the corresponding previous period to 1,569 crore from 1,004 crore.

Managing director and chief executive Prashant Kumar said the net interest margin narrowed because of the shortfall in meeting priority sector lending requirements.

Over 14,000 crore had to be added to the low-yielding Rural Infrastructure Development Fund balances during the fiscal as a penalty because of the shortfall. The overall exposures to RIDF has shot up to 11 per cent of the balance sheet from 8 per cent.

Follow us on:
ADVERTISEMENT
ADVERTISEMENT