Yes Bank Q3 net profit rises 25% to Rs 675.74 crore

New Delhi: Private sector lender Yes Bank today reported a 25.06 percent increase in standalone net profit at Rs 675.74 crore in the third quarter ended December 31.

The bank had posted a net profit of Rs 540.29 crore in the corresponding October-December quarter of 2014-15.

Yes Bank's total income increased to Rs 4,122.12 crore in the quarter under review, up 17.49 percent from Rs 3,508.47 crore in the corresponding quarter a year ago," it said in a BSE filing.

The bank's gross non-performing assets (NPAs) stood at 0.66 percent as against 0.42 percent recorded in the same quarter in the previous fiscal.

Net NPAs stood at 0.22 percent in the quarter under review as against 0.1 per cent a year ago.

Due to sharp increase in NPAs, the lender's provisioning for bad loans grew by over two-fold to Rs 147.94 crore as compared to Rs 69.86 crore set up the bank in the same period of the previous fiscal.

Commenting on the results, the bank's Managing Director and CEO Rana Kapoor said: "Yes Bank has delivered yet another consistent quarter of sustained financial performance driven by steady increase in net interest income on the back of an improving retail franchise, improvements in NIM, RoA, RoE and
overall preservation of asset quality."

"The bank continues to show resilience on all asset quality parameters with an improving outlook going forward with credit costs for FY 2015-16 being contained within 50 bps (previous credit cost guidance of 50-70 bps)," he added.

The interest earned rose to Rs 3,376.05 crore during the October-December period of 2015-16, up 13.60 per cent from Rs 2,971.66 crore a year ago. Its Net interest margin (NIM) expanded to 3.4 percent as against 3.2 percent in the year ago period.

Yes Bank's shares were trading 4.58 percent higher at Rs 704.40 apiece during morning session on the BSE.