Yes Bank Q2 net up 33.5% at Rs 235 cr on NII growth

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Yes Bank Q2 net up 33.5% at Rs 235 cr on NII growth

Private sector lender Yes Bank has reported better than expected increase of 33.5% in its second quarter FY12 net profit of Rs 235 crore as against Rs 176 crore in the corresponding quarter of last fiscal.

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Private sector lender Yes Bank 's second quarter net profit rose forecast-beating 33% year-on-year to Rs 235 crore, aided by higher growth in net interest income (NII) and non interest income. During the same quarter, net interest income increased 23% to Rs 385 crore.

"Yes Bank has achieved steady profits on the back of sustained growth in customer assets of 27%, stable margins contributing to NII growth of 23% and continued focus on revenue diversity leading to strong non-interest income growth of 63%," Rana Kapoor, MD & CEO of the bank said in a statement.

The net interest margin or the difference between interest earned and spent stood at 2.9% compared with 2.80% recorded in the April-June quarter. Non-interest income shot up 63% to Rs 214 crore. The bank, according to a release, has seen robust Y-o-Y growth in segments including transaction banking, financial markets and financial advisory businesses.

However, Yes Bank's loan book expanded at a slower pace by 13% to Rs 34,194 crore while deposits grew by 10% to Rs 44,076 crore. In the first quarter in FY12, loans and deposits had risen by 26% and 44% respectively.

Yes Banks continues to focus on credit substitute, a form of lending wherein the bank subscribes to non-convertible debenture or corporate bond issues of rated companies. In July-September quarter, it stood at Rs 6,566 crore as against Rs 4,340 crore in the previous quarter. Inclusive of this item, loan grew by 27% Y-o-Y to Rs 40,760 crore in the July-September period.

Loan book break-up:

Meanwhile, net non-performing assets (NPAs) increased marginally to 0.04% as against 0.01% in Q1, FY12. Similarly, gross NPAs too inched up by 3 basis points to 0.20% quarter-on-quarter.

At 13.42 hours, Yes Bank shares were down 1% to Rs 287 on the NSE. The broader index Nifty was trading at 5064 points, down nearly 1.50%.

saikat.das@network18online.com

Watch the accompanying video to hear out Yes Bank's management on their results.