Yes Bank on Friday reported an over four-fold jump in net profit at Rs 207 crore for the quarter ended June 2021. The bank said this was its highest net profit since December 2018. It had posted a net profit of Rs 45 crore in the same quarter of the previous fiscal year.
Total income during Q1 FY22, however, was down at Rs 5,581.84 crore as against Rs 6,106.74 crore in Q1 FY21, Yes Bank said in a regulatory filing.
Compared sequentially, it was higher from Rs 4,805.30 crore in the quarter ended March 2021. The private sector lender said its corporate recoveries /resolutions during the quarter at Rs 1,643 crore outpaced the slippages of Rs 1,258 crore.
New business generation continued for the quarter with retail disbursements of Rs 5,006 crore, SME disbursements of Rs 3,242 crore and wholesale banking disbursements of Rs 3,625 crore, it said.
On the asset quality front, the bank pared its bad loans proportion with gross non-performing assets (NPAs) falling to 15.60 per cent of the gross advances as of June 30, 2021, from 17.30 per cent in the year-ago period.
Net NPAs, however, moved up to 5.78 per cent from 4.96 per cent. Provisions for bad loans and contingencies came down to Rs 644.43 crore in the reported quarter from Rs 1,086.61 crore earlier. Stock of Yes Bank closed 0.38 per cent up at Rs 13.07 apiece on BSE.
(Edited by : Jerome Anthony)