)
YES Bank today reported a net profit of Rs 362.2 crore for the quarter-ended March, a growth of 33.2 per cent over the same period of the previous year. Both net interest income and non-interest income rose 42.4 per cent to Rs 638.1 crore and Rs 379.4 crore, respectively.
Strong growth in low cost deposits led net interest margins to expand 20 basis points to three per cent, on year-on-year basis. The current account and savings account (Casa) deposit growth was 71.6 per cent, which helped the lender to improve its Casa ratio (as a proportion of total deposits) to 18.9 per cent.
YES Bank, which offers seven per cent on savings account deposits, as compared to four per cent offered by most large lenders, has seen a growth of 140.5 per cent on savings account deposits, albeit on a lower base.
“We expect net interest margins (NIMs) to further strengthen this year as interest rates are softening,” said Rana Kapoor, chief executive officer and managing director. “For the current year, we expect a 15-20 basis-point rise in NIM,” Kapoor added.
For the entire financial year, the bank has booked a net profit of Rs 1300 crore, reflecting a growth of 33 per cent, year-on-year.
