YES Bank Q4 net surges 29% at Rs 1,179 cr

Private sector lender YES Bank on Thursday reported a rise of 29% in standalone net profit at Rs 1,179.44 crore in the March quarter, 2017-18.

The bank had logged a net profit of Rs 914.12 crore during January-March of 2016-17.

Total income grew 27.8% to Rs 7,163.95 crore, against Rs 5,606.38 crore in the same quarter of 2016-17, the bank said in a regulatory filing.

The net interest income was up 31.4% at Rs 2,154.20 crore and non-interest income increased 13% to Rs 1,421 crore, during the reported quarter.

The net interest margin - a gauge of profitability - stood at 3.4% in March quarter, down from 3.6% in the year-ago period.

On yearly basis, the net profit (consolidated) of the bank was up 26.7% to Rs 4,233.22 crore in 2017-18, against Rs 3,339.89 crore in 2016-17.

Total income (consolidated) during the year grew to Rs 25,561.75 crore from Rs 20,642.80 crore in 2016-17.

The bank's board at a meeting on day recommended a dividend of Rs 2.70 per share or 135% per share for the year ended March 31, 2018, subject to approval of shareholders.

On the asset front, the gross non-performing assets (NPAs) of the bank were lowered to 1.28% of the gross advances as on March 31, 2018, from 1.52% at the end of 2016-17.

In absolute terms, gross NPAs or bad loans stood at Rs 2,626.80 crore by the end of March 2018, against Rs 2,016.80 crore by the end of the preceding year.

Net NPAs were 0.64% of the net advances (Rs 1,312.75 crore), down from 0.81% (Rs 1,072.27 crore) at the end of March 2017.

The board of directors also approved raising funds up to Rs 30,000 crore in rupee or foreign currency in one or more tranches by issuing bonds both in domestic or overseas markets.

The board also approved a proposal to raise up to $1 billion in one or more tranches by way of issuance of equity capital, subject to approval of shareholders.

On NPA divergence for 2016-17, there was a difference of Rs 6,355.20 crore in gross NPA divergence as the bank reported it at Rs 2,018.60 crore, against RBI's assessment of Rs 8,373.80 crore.

Net NPA divergence was of Rs 4,819.40 crore, with the bank reporting Rs 1,072.30 crore, and the RBI assessing it at Rs 5,891.60 crore.

Thus the adjusted net profit for the year ended March 31, 2017 was put at Rs 2,316.10 crore, from its earlier reported figure of Rs 3,330.10 crore.

The private sector lender said its exposure to the gems and jewellery sector was 1.4 per cent as on March 31, 2018, down from 1.6% as on December 31, 2017.