YES Bank posts 30.2% rise in Q2 net

Last Updated: Tue, Oct 23, 2012 21:12 hrs

YES Bank, India’s fourth-largest private bank, reported Rs 306.1 crore in net profit for the second quarter, ended September 30.

This is a 30.2 per cent jump compared with the same period a year ago, on the back of impressive growth in net interest income (NII) with sustained growth in customer assets and sequential improvement in margins. The net profit for the first half of the financial year grew 32.2 per cent at Rs 596.2 crore, compared with the same period in the previous financial year.

The NII grew at 35.9 per cent year-on-year (y-o-y) to Rs 524.2 crore, while customer assets grew 32.5 per cent at Rs 54,017.3 crore. The net interest margin of the bank showed a meagre improvement at 2.9 per cent for the second quarter, compared with 2.8 per cent in the previous quarter.

“This quarter has once again demonstrated a stable financial performance through a meaningful contribution from all revenue streams, strong asset quality and sustained growth momentum,” said Rana Kapoor, managing director & CEO.

Total advances grew 22.9 per cent y-o-y to Rs 42,019 crore while total deposits grew 18.6 per cent to Rs 52,291 crore, as on September 30. The bank’s gross non-performing assets (NPAs) fell four basis points (bps) to 0.24 per cent, compared with 0.28 per cent in the previous quarter. Gross NPAs went up to 0.24 per cent from 0.28 per cent per cent, y-o-y, as on September 30, 2011.

Net NPAs stood at 0.05 per cent, compared with 0.06 per cent at the end of the previous quarter and 0.04 per cent at the end of September 30, 2011.

The bank’s specific provisioning cover was at 80.4 per cent as on September 30. Total restructured advances (excluding NPAs) stood at Rs 192.2 crore; this represents 0.46 per cent of the gross advances. There were no new restructuring in the quarter.

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