Yes Bank on Saturday reported a 77% year on year growth in December quarter profit at Rs 266 crore as lower provisions and higher loan recoveries drove earnings at the lender.
Net interest income, a closely watched measure of how much money the bank makes from lending, was down 31% to Rs 1,764 crore and other income declined 32% to Rs 734 crore.
Provisions and contingencies fell 82% to Rs 375 crore. Sequentially they dipped 0.7%. Fresh slippages were significantly lower at Rs 978 crore against Rs 1783 crore in the previous quarter. Recoveries and upgrades for the quarter in review stood at Rs 610 crore and Rs 573 crore respectively.
As a percentage of total loans, gross non-performing assets (NPAs) improved to 14.7% as compared to 15% in the previous quarter and 15.4% a year earlier.
Net NPAs declined marginally to 5.3% of total loans compared to 5.5% in the previous quarter. However, they increased from four percent a year earlier.
Year on year, advances grew 3.8% to Rs 1.76 lakh crore while deposits rose 26% to Rs 1.84 lakh crore. Net interest margin rose to 2.4% against 2.2% a quarter ago.
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