YES Bank Q3 net rises 21.4% to Rs 416 crore

YES Bank Q3 net rises 21.4% to  Rs 416 crore

Private sector lender YES Bank on Wednesday reported a 21.4 per cent growth in its net profit for the quarter ended December 31, 2013 to Rs 415.6 crore as compared with Rs 342.31 crore in the similar quarter in 2012-13.

During the quarter under review, the Bank's total income rose to Rs 2,902 crore versus Rs 2,446.83 crore in third quarter (Q3) of 2013-14. 

Net interest income increased 13.9 per cent year-on-year (y-o-y) to Rs 665.4 crore during the three-month period. Net interest margin narrowed to  2.9 per cent during October-December period.

The bank's non-interest income grew by 23.9 per cent year-on-year to Rs 387.9 crore during the quarter. Higher fee income contributed to the growth in the bank’s non-interest income.

Despite deterioration in its asset quality, the bank cut its provisions sharply to Rs 13.3 crore during October-December quarter from Rs 56.7 crore in the corresponding period of last financial year.

Net NPAs stood at 0.08 per cent at the end of December, 2013. There were no fresh loan restructuring during the three month period.

Total advances grew by 14.7 per cent year-on-year to Rs 50,293 crore. Corporate and institutional banking accounted for 68 per cent of the customer assets portfolio, commercial banking accounted for 14.7 per cent, while retail banking (including medium and small enterprises) had the remaining 17.3 percent share.

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