Mid-sized private sector lender Yes Bank on Wednesday reported a 27.4 per cent growth in March quarter net profit at Rs702.1 crore aided by jump in non-interest income. For the full year, the city-based lender posted a 26.6 per cent jump in profit at Rs2,539.4 crore.
The core net interest income rose 27.1 per cent to Rs1,241.4 crore on a 0.20 per cent expansion in net interest margin to 3.4 per cent and a loan growth of 30 per cent. The bank’s management exuded confidence in expanding the NIM by another 0.15 per cent on taking the share of low-cost casa deposits to a higher level and growing the PSl book to earn more.
Non-interest income rose 36 per cent to Rs802.8 crore during the period, majorly on the performance of higher fees from the corporate banking vertical, Yes Bank's Managing Director and Chief Executive Rana Kapoor told reporters here. Gross non-performing assets ratio nearly doubled to 0.76 per cent from 0.41 per cent in the year ago period and the fresh slippages were Rs329 crore. The share of restructured advances grew marginally to 0.53 per cent to Rs524 crore.
Kapoor said the bank was successful in getting down the credit cost by 0.50 per cent at 0.80 per cent as against the earlier expectation of a 0.60 per cent reduction. It expects to get credit cost in the 0.50-0.70 percentage range this fiscal year.