Yes Bank Q3 results: Net profit falls 80% year on year to Rs 52 crore, but NII rises 11.7%

The bank’s net interest income climbed 11.7 percent year on year, from Rs 1,764 crore in Q3 FY23 to Rs 1,970.6 crore.

Yes Bank’s net profit in the third quarter of fiscal year 2022-23 fell by 80% year on year to R 52 crore, according to financial figures released on January 21. The net profit for the second quarter of FY22 was Rs 266 crore.

Net profit fell by 66 percent quarter on quarter, to Rs 153 crore for the three-month period ended September 30, 2022. The net earnings in Q3 FY23 was adversely impacted by “due to ageing related charges”, Yes Bank notified the stock markets.

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However, the bank’s net interest income climbed 11.7 percent year on year, from Rs 1,764 crore to Rs 1,970.6 crore in Q3 FY23. The NII was nearly unchanged year on year, standing at Rs 1,991 crore in the September quarter.

Non-interest revenue for the December quarter was Rs 1,143 crore, up 55.8 percent from Rs 734 crore the previous year and 24.3 percent from Rs 920 crore the previous quarter.

Total net income, which includes NII and non-interest income, was Rs 3,114 in Q3 FY23, increasing 24 percent year on year and 7 percent quarter on quarter.

Yes Bank reported a “continued improvement” in non-performing asset ratios. The gross non-performing performing asset (GNPA) ratio was 2% in the December quarter, down from 14.7 percent the previous year. The NNPA ratio fell to 1% from 5.3 percent in Q2 FY23.

According to a press statement, the bank’s operational expenditures in Q3 FY23 totaled Rs 2,200 crore, a 24.5 percent increase year on year.

The cost-to-income ratio improved to 70.7 percent in Q3 FY23 from 72.8 percent in Q2 FY23, “driven by slower opex increase in relation to income growth,” it noted.