Yes Bank reports profit at Rs 129 crore in Q2 FY 21

Today, Yes Bank reported Rs 129.4 crore profit for September ended quarter 2020 (Q2 FY 21) and year on year basis the bank incurred loss loss of Rs 600 crore.

Today, Yes Bank reported Rs 129.4 crore profit for September ended quarter 2020 (Q2 FY 21) and year on year basis the bank incurred loss of Rs 600 crore.

“The deposits increased significantly 15.7% to Rs 1,35,815 crore whereas provisions and contingencies for the September quarter stood at Rs 1,187 crore,” Yes Bank said.

In Q1 FY 21 i.e. the quarter ended June 2020, it incurred Rs 45.44 crore profit under the new management lead by Prashant Kumar, MD & CEO of the bank and the NII (Net Interest Income) in June quarter was at Rs 1,908 crore. Whereas in Q2, NII declined to 9.7% (Rs 1,973.4 crore) and it was from Rs 2,186 crore at this time last year.

Though the analysts expected a loss at Rs 306.8 crore and NII at Rs 1,841.8 crore for the quarter.

Out of the total Rs 1,600 crore provisioning, Rs 1,038 crore was COVID-19 related and the remaining predominantly was towards non-performing investments but adding the total COVID-19 related provision, it stepped up to Rs 1,918 crore, said the bank.

In Q1 FY 21, provision coverage ratio was 75.1% which improved to 75.7% in Q2 FY 21. Yes Bank also said that the cost to income ratio at 49.3% was lowest in the last 5 quarters.

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