Yes Bank reported 50.2% jump in standalone net profit to Rs 310.63 crore on 9.7% increase in total income to Rs 5,916.28 crore in Q1 FY23 over Q1 FY22.
The private bank's profit before tax surged 50.5% to Rs 415.10 crore in Q1 FY23 from Rs 275.84 crore in Q1 FY23.The bank's operating profit before provisions & contingencies declined 19.5% year on year to Rs 589.83 crore in Q1 FY23. The bank had reported an operating profit of Rs 732.86 crore in Q1 FY22.
Net interest income (NII) stood at Rs 1,850 crore for Q1FY23, up 32% Y-o-Y and 2% Q-o-Q. Net interest margin (NIM) for Q1FY23 was at 2.4%, up nearly 30 bps Y-o-Y.
The bank's provisions and contingencies (excluding tax provisions) sharply declined by 61.8% to Rs 175 crore in Q1 FY23, primarily aided by lower slippages. The provision coverage ratio was 82.3% as on 30 June 2022 as against 79.3% as on 30 June 2021. Slippages were lower at Rs 1,072 crore in Q1 FY23 as against Rs 2,233 crore in Q1 FY22.
The bank's gross non-performing assets (NPAs) stood at Rs 27,746.75 crore as on 30 June 2022 as against Rs 28,505.95 crore as on 30 June 2021.
The ratio of gross NPAs to gross advances stood at 13.45% as on 30 June 2022 as against 13.93% as on 31 March 2022 and 15.6% as on 30 June 2021.
The ratio of net NPAs to net advances stood at 4.17% as on 30 June 2022 as against 4.53% as on 31 March 2022 and 5.78% as on 30 June 2021.
Net advances were at Rs 186,367 crore as on 30 June 2022, up 14% YoY. Total deposits stood at Rs 193,241 crore as on 30 June 2022, up 18% YoY. CASA ratio stood at 30.8% versus 27.4% in Q1FY22, up nearly 340 bps Y-o-Y.
Commenting on the results, Prashant Kumar, MD & CEO, Yes Bank said, "Q1 FY23 has been a stable quarter with progress across fresh disbursements momentum, improving granularization of assets, steady profitability and consistently improving asset quality metrics. The balance sheet is now resilient to navigate the volatile interest rate environment, and the bank remains on track to achieve the FY23 as well as medium term guidance and objectives.
More importantly, during the quarter, the bank has successfully come out of the Reconstruction Scheme with formation of the alternate board. In addition, term sheet has been signed for sale of identified pool of stressed assets to the ARC. Successful sale of stressed assets will be the largest such deal in India and a significant milestone in the bank's new journey."
Yes Bank is a full service commercial bank providing a complete range of products, services and technology driven digital offerings, catering to corporate, MSME & retail customers.
Shares of Yes Bank tumbled 4.42% to Rs 14.06 on the BSE.
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