Yes Bank Q3 profit up 35% to Rs 342 cr led by other income

Moneycontrol Bureau

Private sector lender Yes Bank's third quarter (October-December) net profit grew forecast beating 35% year-on-year to Rs 342 crore in 2012-13, driven by higher interest income and fee income. Net interest income or the difference between interest earned and paid out, rose by 36% to Rs 584 crore from Rs 428 crore during the same period. Analysts on an average had expected net profit at Rs 327 crore and net interest income of Rs 566 crore for the quarter. Other income increased 48.34 percent YoY to Rs 313 crore in the December quarter. Gross non-performing assets (NPAs) declined 7 basis points quarter-on-quarter to 0.17 percent while net NPAs fell to 0.04 percent in third quarter as against 0.05 percent in previous quarter. But provisions against bad loans were up by 78.9 percent QoQ to Rs 56.7 crore in October-December quarter. Capital adequacy ratio improved by 50 basis points QoQ to 18 percent while net interest margin too increased to 3 percent versus 2.9 percent quarter-on-quarter. Shares were down 0.26 percent to Rs 526.80 at 12:03 hours IST after hitting a new 52-week high of Rs 535 in morning trade. Also Read
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