Private lender Yes Bank reported a strong set of Q4FY24 results on Saturday, beating analyst and street estimates. Yes Bank’s net profit for Q4FY24 stood at Rs 452 crore against Rs 202 crore in the same period last year, a jump of 123% YoY. The bank’s Net Interest Income (NII) for the quarter stood at Rs 2,153 crore against Rs 2,105 crore posted in the same period last year.
“We made consistent improvements across key metrics in the last year. FY24 marks our third straight year of profitability since the reconstruction,” said Prashant Kumar, MD & CEO of Yes Bank in their earnings concall on Saturday.
The bank’s net profit was however aided by a significant rise in other income, coming in at Rs 1,568 crore, an increase of 57% from last year. Other income included included fees and commissions earned from guarantees and letters of credit, loans, and financial advisory fees.
Yes Bank’s NIMs (Net Interest Margin) came in at 2.4% for Q4FY24 vs 2.8% in Q4FY23 & 2.4% in the previous quarter of the same fiscal year. The bank’s asset quality improved further, with its gross non-performing asset ratio coming in at 1.7% in Q4FY24 vs 2.0% at Q3FY24 and 2.2% at Q4FY23. The Net NPAo improved to 0.6% v/s. 0.9% last quarter and 0.8% at Q4FY23.
“We continue to witness strong momentum in our liability franchise with growth in Deposits expanding to over 20% Y-o-Y for first time in last 8 quarters. Importantly, despite challenging environment during the course of the year, our CASA ratio has expanded 10 bps Y-o-Y to 30.9%. This quarter, the Bank continued to expand on its digital footprint with significant partnerships reflecting the inherent strength in the capabilities and technology infrastructure of the Bank. As the Bank embarks on the fifth year of this new journey, we remain focused on diligently executing the RoA expansion roadmap,” Kumar said.
