Yes Bank Q3 profit surges 77% to ₹266 crore, total income drops

Lender’s cash recovery stood at ₹610 crore for December quarter

Private sector lender Yes Bank on Saturday reported a 77% jump in profit to ₹266.43 crore for the third quarter ended December.

The bank had posted a profit of ₹150.77 crore in the October-December quarter a year earlier.

However, total income during the quarter under review declined to ₹5,632.03 crore from ₹6,408.53 crore, Yes Bank said in a filing. Net interest income also slipped by 31% to ₹1,764 crore compared with ₹2,560 crore in the same quarter in 2020.

Gross non-performing assets (GNPAs) as a percentage of assets eased to 14.65% from 15.36%.

Net NPAs rise

On the other hand, net NPAs increased to 5.29% as against 4.04%. Provisions other than tax and contingencies came down significantly to ₹374.64 crore from ₹2,089 crore.

“On November 1, 2021, the bank had completed the sale of its entire stake in its wholly owned subsidiaries YES Asset Management (India) Limited and YES Trustee Limited to CPL Finance and Investments Limited. The net positive impact to the financial results post this sale, including reversal of the impairment provision was ₹14.94 crore,” it said.

Provision coverage ratio decreased to 79.3% at the end of December 31, 2021.

Fresh slippages stood at ₹978 crore while there was cash recovery of ₹610 crore and upgrades of ₹573 crore.

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