NEW DELHI: Private sector lender Yes Bank on Friday reported a sharp 29 per cent rise in net profit for the March quarter, clocking earnings to the tune of Rs 1,179.44 crore.
The bank had recorded a standalone net profit of Rs 914.12 crore during the same period last year.
According to the bank, total income grew 27.8 per cent year-on-year to Rs 7,163.95 crore, while net interest income was up 31.4 per cent at Rs 2,154.20 crore. Meanwhile, non-interest income also increased 13 per cent to Rs 1,421 crore.Net interest margin, which is a profitability gauge, fell marginally to 3.4 per cent in March quarter, down from 3.6 per cent a year ago. On an annual basis, consolidated net profit of the bank rose by 26.7 per cent to Rs 4,233.22 crore, while annual total income grew to Rs 25,561.75 crore from Rs 20,642.80 crore in 2016-17.
“Well segmented and granular growth across corporate, MSME and retail businesses has resulted in advances crossing Rs 2 lakh crore, clearly demonstrating breadth of product offerings, and depth of relationships, across segments and sectors. Further Bank’s IBU (GIFT City) business continues to expand, with total assets crossing $2.5 billion within 3 years of operations,” said Rana Kapoor, Managing Director & CEO.