JOIN USYES Bank on Wednesday reported a 32.8% increase in net profit for the quarter ended June 30, 2016, at Rs 731.8 crore compared with Rs 551.2 crore in the same quarter previous fiscal.
Net interest income for the bank grew 24.2% to Rs 1,316.6 crore as against Rs 1,059.8 crore in the comparable quarter on the back of growth in advances and CASA. Net interest margins for the bank expanded to 3.4% in the quarter from 3.3% a year ago.
Asset quality for the bank witnessed a marginal decline with gross non-performing advances (GNPA) at 0.79% during the quarter compared with 0.46% in Q1FY16. Net NPAs for the bank during the first quarter stood at 0.29% against 0.13% in Q1FY16.
Standard restructured advances as a proportion of gross advances stood at 0.49% (Rs 522.9 crore) as on June 30, 2016, down from 0.71% (Rs 567.1 crore) as on June 30, 2015.
No additional restructuring was done during the quarter. Security receipts (Rs) stood at 0.19% (Rs 199.4 crore) of gross advances as on June 30, 2016. There was no sale to asset reconstruction companies and no 5:25 refinancing during the quarter.
Meanwhile, the bank has received an in-principle approval from the Securities and Exchange Board of India (Sebi) to sponsor a mutual fund and to setup an asset management company (AMC) and a trustee company. The AMC and the trust company shall be set up as wholly-owned subsidiaries of YES Bank.