Yes Bank posted net profit of Rs 100 crore for the first quarter ended June 30, 2009, up 84 per cent from Rs 54.3 crore in the corresponding quarter last year.
Total Income of the Bank jumped 41.5 per cent to Rs 687.8 crore for this quarter from Rs 486 crore in the same quarter last year.
Rana Kapoor, managing director and CEO of Yes Bank said: “This quarter has evidenced a stellar performance through meaningful contribution from all revenue streams, strong asset quality and sustained growth momentum. We are further accelerating our branch banking business through integrated SME and retail model, focusing on deposit mobilisation, cash management services and distribution of products.” He also added that the bank will hire more than 900 people this fiscal.
The bank’s Board of Directors also approved the fund raising up to $250 million by way of issuance of equity capital in one or more tranches. The issuance may be by way of QIP, Preferential Allotment or by any other appropriate mode as decided by the Capital Raising Committee--a sub committee of the Board.
Net interest income for the Q1FY10 was up 45 per cent to Rs 163.7 crore as compared to Rs 113 crore for the Q1FY09 on account of a steady growth in advances and investments and improving net interest margin.