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Thursday, October 30, 2014

Yes Bank registers 30% rise in Q2 profit on higher fee income

Yes Bank posted a 30 per cent jump in net profit at Rs. 483 crore for the second quarter ending September 30, 2014 on the back of robust growth in loans and interest income.The net profit in the year ago period was at Rs. 371 crore.

Net interest income (difference between interest income and interest expended) soared by 27 per cent to Rs. 856 crore as compared with Rs. 672 crore in the same quarter last fiscal. Non-interest income increased 13 per cent to Rs. 506 crore from Rs. 446 crore in Q2FY14, limited by lower treasury fee income.

The bank’s provisions

“Asset quality is under control. However, the environment is still evolving and some cyclical improvement in policy is needed... In power and mining sector, there is need for more policy action,” said Jaideep Iyer, Senior President – Financial Markets, Yes Bank.

As on September 30, 2014, advances grew 30 per cent to Rs. 62,030 crore (from Rs. 47,717 crore as on September 30, 2013); while deposits grew 19 per cent to Rs. 80,131 crore from Rs. 67,575 crore.

The loan book is likely to grow in the mid-20 per cent for the full year, Iyer added.

The net interest margins expanded to 3.2 per cent from 2.9 per cent driven by healthy growth in retail deposits and capital raising.

Gross non-performing assets (NPAs) were up at 0.36 per cent as on September 30, 2014 from 0.28 per cent a year ago. Net NPAs also increased a tad to 0.09 per cent (Rs 54 crore) from Rs. 0.04 per cent (Rs 19 crore).

Yes Bank shares were trading at Rs. 662.50 per share, up by 3.7 per cent over the previousclose on Bombay Stock Exchange

Source : The Hindu


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