Yes Bank on Friday posted a 16.5% quarter-on-year increase in net profit to ₹151 crore for the quarter ended on 31 December. The bank recorded a net profit of ₹129.37 crore for the quarter ended 30 September. The private lender posted a net loss of ₹18,560 core for the corresponding quarter last year.
The private banking company’s net interest income, the difference between interest earned and interest expended 29% quarter-on-quarter to ₹2,560 crore in the quarter under review. It was ₹1,973 crore during the September quarter.
The Bank’s non-interest income for Q3FY21 saw an increase of 69.4% quarter-on-quarter to 1,197 crore due to significant increase in the retail fees.
“Total step up in provisioning of ₹2,935 crore; consists of additional ₹765 crores towards COVID-19 related provisioning (aggregate at ₹2,683 crore) and balance majorly towards increasing PCR of both NPA and NPI,” the lender said in the regulatory filing.
Yes Bank’s gross non-performing assets (NPAs) stood at 15.4% as against 16.9% in September quarter. Its net NPAs came in at 4%, compared with 4.7% in the September quarter.
The private lender’s operating profit declined 13.1% year-on-year to ₹1,472 crore. Net advances at ₹1,69,721 crore grew 1.7% quarter-on-quarter, with strong pickup in retail and SME disbursements, the bank said.
The Reserve Bank of India placed the crisis-hit Yes Bank under a moratorium on 5 March, 2020. The RBI took control of the YES Bank board and imposed a withdrawal limit from the bank accounts till 3 April.
According to RBI-backed rescue for the troubled lender, State Bank of India acquired up to 49% stake in Yes Bank. HDFC and ICICI Bank infused ₹1,000 crore each, Axis Bank ₹600 crore and Kotak Mahindra Bank (KMB) Ltd ₹500 crore into Yes Bank. RBI appointed Prashant Kumar as CEO & MD of Yes Bank.