Thursday, May 12 2022

Mumbai-headquartered Yes Bank on Saturday reported a net profit of Rs 367 crore in the March quarter of FY22. The private sector lender suffered a loss of Rs 3,788 crore in the of the corresponding quarter a year ago. Its performance was driven by strong growth in net interest income (NII) and lower provisions.

The NII rose by 84% year-on-year (year-on-year) to Rs 1,819 crore, while provisions fell by 95% to Rs 271 crore. The bank’s net interest margin (NIM), a key measure of profitability, rose 10 basis points (bps) sequentially to 2.5%.

The advance portfolio grew by 8% year-on-year to reach Rs 1.81 trillion as of March 31. Retail advances represented 36% of the loan portfolio at the end of March 2022, compared to 33.7% a quarter ago. Deposits stood at 1.97 trillion rupees at the end of March, up 21% year-on-year and 7% sequentially. The Current Account Savings Account (CASA) ratio stood at 31.1% in Q4FY22, down from 26.1% a year ago.

Prashant Kumar, MD and CEO of Yes Bank, said the lender is now acquiring over one lakh CASA customers on a monthly basis. “The important point is that the growth in liabilities has occurred despite interest rate cuts, a reflection of our superior customer service and stakeholder confidence,” he said.

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The bank saw further slippages worth Rs 802 crore during the fourth quarter, down from Rs 978 crore in the previous quarter. Corporate slippages fell to Rs 373 crore from Rs 435 crore in the third quarter, while retail slippages fell to Rs 333 crore from Rs 388 crore. Recoveries and upgrades amounted to Rs 1,828 crore, down from Rs 1,182 crore in Q3FY22.

Yes Bank’s gross non-performing assets (NPA) ratio fell 80 basis points sequentially to 13.9% and the net non-performing assets ratio fell a similar amount to 4.5%.

Yes Bank’s capital adequacy ratio under Basel III stood at 17.4% as of March 31. The common equity Tier-I (CET-I) ratio was 11.6% at the end of March.

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