Yes Bank Q1 net up 50%

Yes Bank today reported a 50% increase in net profit at Rs 16.88 crore for the quarter ended June 30, 2006 when compared with Rs 11.25 crore in Q1FY06.

According to a release issued by the bank today, total income for Q1FY07 was up 170% to Rs 129.39 crore as against Rs. 48.01 crore in Q1FY06.

While total advances grew 262% to Rs  3,170 crore from Rs 874 crore as on June 30, 2005, total deposits increased 268% to Rs 3,220 crore from Rs 874 crore in Q1FY06.

Rana Kapoor, managing director & CEO of the bank, said: "The quarter witnessed significant investment towards branch expansion, which increased from eight as on March 31, 2006 to 17 as on June 30, 2006. We have received RBI approval to set up 30 more branches across India taking our total licensed network to 60 branches. Further, we have received RBI approval for launch of 2 CPUs (Mumbai and Gurgaon) and 75 off-site ATMs across India."