Yes Bank on Friday reported a profit after tax of ₹225 crore for the quarter ended September, an increase of 74.3% from a year earlier, mainly due to lower provisioning requirements.
Yes Bank’s MD and CEO Prashant Kumar attributed the rise in profit to better business growth and lower provisioning. “With lower slippages and better recoveries and upgrades, our provisioning requirement has come down,” he told reporters. Net Interest Income declined 23.4% to ₹1,512 crore.
Net interest margin dipped to 2.2% from 3.1%.
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