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Yes Bank Q3FY23 net profit drops 80% y-o-y to Rs 52 cr
Yes Bank Q3FY23

Yes Bank Q3FY23 net profit drops 80% y-o-y to Rs 52 cr

| @indiablooms | 22 Jan 2023, 01:41 am

New Delhi: Yes Bank on Saturday reported a net profit of Rs 52 crore for the quarter ended December 31, 2022, down by 80% year- on-year compared to Rs 266.43 crore in the corresponding quarter the previous year.

The lender said it was largely impacted due to ageing-related provisions.

Quarter-on-quarter, the net profit decreased by 66 percent, as it had came in at Rs 153 crore for the three-month period ending on September 30, 2022.

Operating profit for the quarter stood at Rs 914 crore, registering a 25 per cent growth on year on year basis.

CASA in the quarter improved by 20.3 pc on a Y-o-Y basis.

Advances in the quarter grew by 10% on Y-o-Y basis while deposits registered a growth at 16% Y-o-Y.

Net Interest Income (NII) for the quarter stood at Rs 1,971 crore, up 11.7% Y-o-Y compared to Rs 1,764 crore in the year-ago period.

The bank's GNPA ratio stood at 2.0% vs. 12.9% in Q2FY23 and 14.7% in Q2FY22 while the NNPA ratio was at 1.0% vs. 3.6% in Q2FY23 and 5.3% in Q3FY22.

The private sector lender said its Resolution momentum continues with Total Recoveries & Upgrades for Q3FY23 was nearly Rs 1,270 crore- well on track to achieve the FY23 guidance of INR 5,000 crore.

Commenting on the results and financial performance, Prashant Kumar, MD & CEO, YES BANK said, “During the quarter, the Bank successfully closed two deals which are strategic and transformational in this new journey of the Bank. The successful Capital Raise has aided in significant expansion in our Capital Base, and post full consummation, our CET-I Ratio will reach an extremely comfortable level."

"Moreover, with successful transfer of stressed Assets to the JC Flowers ARC, the GNPA and NNPA Ratios have now declined to 2% and 1% respectively which is the lowest since Q3FY19. At the same time, the operational momentum of the Bank continues with further step-up in Disbursements across segments and highest Operating Profit in the last eight quarters," he said.

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