HomeEarnings NewsYes Bank Q3 results: Net profit down by 80%, net interest income up near 12%

Yes Bank Q3 results: Net profit down by 80%, net interest income up near 12%

Yes Bank's Net Profit decreased by 66 percent to Rs 153 crore on a quarter-on-quarter basis. However, in Q3 FY23, the bank's net interest income increased by 11.7 percent to Rs 1,970.6 crore from Rs 1,764 crore in the same period a year ago.

By Sangam Singh  January 21, 2023, 3:43:18 PM IST (Updated)

Yes Bank's net profit dropped by 80 percent to Rs 51.5 crore in the third quarter of the fiscal year 2022-23, it said in its regulatory filing. The net profit in Q3 FY23 was adversely impacted by "due to ageing related provisions", Yes Bank informed the stock exchanges. The net profit in Q2 FY22 was Rs 266.4 crore.

The net profit decreased by 66 percent to Rs 153 crore on a quarter-on-quarter basis. However, in Q3 FY23, the bank's net interest income increased by 11.7 percent to Rs 1,970.6 crore from Rs 1,764 crore in the same period a year ago.

For the December quarter, the private lenders's non-interest income came in at Rs 1,143 crore, which is 55.8 percent higher than Rs 734 crore in the year-ago period. The non-interest income is 24.3 percent up as compared to Rs 920 crore in the previous quarter.

The total net income of the bank stood at Rs 3,114 for the Q3 of FY23, 24 percent and 7 percent up on year-on-year (YoY) and quarter-on-quarter basis (QoQ) respectively. The total net income is calculated by combining NII and non-interest income.

Yes Bank also said that its Cost to Income ratio improved to 70.7 percent on Q3 FY23 led by slower opex growth in comparison to Income growth. The bank is expecting advanced growth to track deposit growth going forward.

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