YES Bank Q1 Profit Jumps 31% YoY to Rs 1,260 Crore
On Thursday, the leading Bank, YES Bank posted 30.54 per cent year-on-year rise in profit at Rs 1,260.36 crore for the first quarter that ended on June 2018. It is being forecasted that the Yes Bank will be having the profit of Rs 1,212 crore.
Yes Bank had revealed that there was a net profit of Rs 965.52 crore in the first quarter last year in 2017.
The firm’s net interest income went up 22.67 per cent YoY to Rs 2219.14 crore in Q1FY19 over Rs 1808.93 crore in Q1FY18.
For the first quarter of this year, the provisions and contingencies increased by 119 per cent YoY to Rs 625.65 crore. During the same quarter in last year, the figure stood at Rs 285.78 crore.
On the sequential basis, the provision jumped 56 per cent. In this quarter the percentage of gross non-performing assets stood at 1.31 per cent while in the previous quarter it was 1.28 per cent. Net NPA eased to 0.59 per cent from 0.64 per cent during the same period.
Bank has also stated that during the first quarter bank recovered Rs 184 crore from one account. As a result, bank has residual exposure to only one account with an exposure of Rs 23.4 crore, classified as NPA and provisioning coverage of 50 per cent. Bank is also expecting to fully recover this exposure.