Yes Bank's net profit in the three-month period ending September 30, 2022 dropped by 32.2 percent year-on-year to Rs 152.8 crore, as per the standalone financial results for the quarter released on October 22.
In the corresponding period of the past fiscal, the private lender's net profit stood at Rs 225.50 crore.
Apart from an on-year dip, the net profit is also lower as compared to the last quarter. The bank's net profit had stood at Rs 310.63 crore in Q1 FY23.
Total income during Q2 FY23, however, was higher at Rs 6,394.11 crore as against Rs 5,430.30 crore in the same period a year ago, Yes Bank said in a regulatory filing.
The net interest income (NII) climbed by 31.7 YoY to Rs 1,991.4 crore, as compared to Rs 1,512.2 crore last year.
The lender also improved on its asset quality and brought down gross non-performing assets (NPAs or bad loans) to 12.89 per cent of gross advances as of September 30, 2022 as against 14.97 per cent by end of September 2021.
Likewise, net NPAs came down to 3.60 per cent from 5.55 per cent. However, provisions for bad loans and contingencies were raised to Rs 582.81 crore for Q2 FY23 from Rs 377.37 crore kept aside for Q2 FY22.
The quarterly results were announced by Yes Bank two days after the Competition Commission of India (CCI) approved a Rs 8,900-crore deal which would allow two entities to buy stakes in the lender.
Verventa Holdings, an affiliate of funds managed by Advent International, will be acquiring equity securities up to 10 percent in the lender while CA Basque Investments, part of the Carlyle Group, will also acquire a 10 percent stake in it.
With PTI inputs
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