Yes Bank net profit falls 7% to Rs 1,002 cr in December quarter

Mumbai: Yes Bank Thursday reported a 6.96 percent fall in net profit to Rs 1,001.85 crore in the quarter ended December 2018.

Its net profit was Rs 1,076.87 crore in the corresponding quarter of 2017-18.

The bank on Thursday also named Ravneet Singh Gill, currently heading Deutsche Bank India, as the managing director and chief executive officer to succeed Rana Kapoor, whose term ends on January 31.

The private sector lender said net provisions stood at Rs 550.2 crore on account of Rs 570.8 crore of accelerated provisioning on exposure to a "stressed infrastructure conglomerate", according to a stock exchange filing.

The bank, however, did not name the conglomerate.

According to the filing, the bank's net interest income grew 41.2 percent year-on-year (y-o-y) to Rs 2,666.4 crore.

Its advances grew 42.2 percent y-o-y to Rs 2,43,885 crore.

Yes Bank's gross non-performing asset (NPA) increased to 2.1 percent of the total advances in the quarter, compared with 1.72 percent in the year-ago period.

Net NPA also increased to 1.18 percent from 0.93 percent.