Yes Bank Q1 net up 32% at Rs 965 crore

Yes Bank Q1 net up 32% at Rs 965 crore

Board approves stock split of 1:5

Yes Bank Q1 net up 32% at Rs 965 crore
YES Bank has reported a 31.9% increase in net profit for the quarter ended June 30, 2017 at Rs 965.5 crore compared with Rs 731.8 in the same quarter previous fiscal.

Net interest income (NII) for the bank during the quarter grew 44% to Rs 1,808.9 crore as against Rs 1,256.1 crore in the comparable quarter last fiscal. The bank’s board also approved a stock split in the ratio of 5 for 1.

Asset quality for the bank during the quarter fell on a sequential basis with gross non performing assets (NPAs) at 0.97% compared to 0.79% in the sequential quarter (Q4FY17). The bank’s net NPAs fell to 0.39% in the quarter compared to 0.29% in Q4FY17.

In accordance with RBI Guidelines dated April 18, 2017, the bank as per its internal board approved policy, has made an additional standard asset provisioning of 0.4% on the outstanding advances of telecom sector.  Overall corporate portfolio continues to be well rated with over 75% portfolio rated 'A' or better and well distributed across growth sectors, the bank said.

“Our investments in retail franchise are now demonstrating meaningful outcomes with significant momentum through robust CASA growth of 55.2% taking CASA ratio to 36.8% and core retail advances growth of 166%,” said YES Bank managing director and chief executive officer Rana Kapoor.

“At the same time, the bank continues to garner market share in its various corporate and MSME businesses while maintaining superior asset quality parameters,” said Kapoor.

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