YES Bank reports net profit of Rs 151 crore in December quarter

The Bank's net interest income grew 30 per cent quarter-on-quarter to Rs 2,560 cr for the period under review

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Non-interest income grew 69.5 per cent QoQ to Rs 1,197 crore
BS Web TeamPTI New Delhi
2 min read Last Updated : Jan 22 2021 | 6:24 PM IST
Private sector lender YES Bank on Friday reported a net profit of Rs 150.71 cr in the quarter ended December, 2020 compared to a loss of Rs 18,560 cr during the same period a year ago. The profit was Rs 129 cr in the September quarter.

The lender's net interest income grew 30 per cent sequentially to Rs 2,560 cr for the period under review. It was Rs 1,973 cr during the September quarter. Non-interest income grew 69.5 per cent QoQ to Rs 1,197 crore. The growth in non-interest income was due to significant increase in retail fees, the lender said in regulatory filing.

The lender's gross non-performing assets (GNPAs) stood at 15.36 per cent compared 16.9 per cent in September quarter. The net NPAs stood at 4 per cent.

"Total step up in provisioning of Rs 2,935 crore consists of additional Rs 765 crore towards Covid-related provisioning (aggregate at Rs 2,683 crore) and balance majorly towards increasing PCR of both NPA and NPI," the lender said in the filing.

Due to the strong pick up in retail and SME disbursements, the lender's net advances expanded 1.7 per cent quarter-on-quarter.

Meanwhile, the bank's board has cleared a proposal for raising Rs 10,000 crore either by equity or debt.

The board has approved "raising of funds for an amount aggregating up to Rs 10,000 crore in one or more tranches...by way of issuance of securities, through one or more permissible mode(s) including but not limited through a Qualified Institutions Placement, Rights Issue, Global Depository Receipts, American Depository Receipts, Foreign Currency Convertible Bonds, Further Public Offering or a combination".

Topics :YES BankQ3 results

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