Yes Bank’s Q3 Net Profit rises by 16.5% to ₹151 crore

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.

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