MUMBAI: Yes Bank has reported a
net profit
of Rs 452 crore for the
quarter-ended March 2024
, which is a 123% increase over the Rs 202 crore reported in the corresponding period last year.
The bank’s total deposits reached Rs 2,66,372 crore, up by 22.5% year-on-year, while net advances rose to Rs 2,27,799 crore, showing a 12% growth. The bank’s net interest margin remained unchanged at 2.4%.
Although the net interest income grew only 2.2% to Rs 2,153 crore, a 23% drop in provisions to Rs 471 crore helped the bank post higher profits.
The bank’s credit to deposit ratio improved to 85.5% compared to 92.2% in the same quarter last year. Yes Bank MD and CEO Prashant Kumar, 60% of the current and savings account deposits came from the retail segment. He added that the institutional deposits were granular and not wholesale deposits as they were from the bank’s mid-corporate clients.
Kumar said operating profits in the fourth quarter were lower due to the purchase of priority sector certificates to meet the mandated loans to this segment. TNN In the future, he said that the bank would meet this requirement through direct loans, including microfinance and loans to NBFCs lending to the priority sector. He also mentioned that there was an increase in the variable compensation for the employees in the fourth quarter.
