MUMBAI: YES Bank, while reporting 28 per cent increase in its net profit for the March quarter, spelled out ambitious plans to raise $1 billion (`6,300 crore) by selling shares to local and/or overseas investors to fund growth in credit demand.
The bank also plans to raise `10,000 crore in infrastructure bonds, or other categories of bonds to help the bank with stable funding cost of longer maturity. It will seek shareholder’s approval for the two issues.
The bank’s net profit rose to `551 crore in the quarter to March 31, 2015, while for the full year it gained 24 per cent to `2,054 crore. During the quarter its net interest income rose a healthy 36 per cent to `977 crore and non-interest income rose 33 per cent to `590 crore.
Its cost to income ratio rose to 41.3 per cent in the full year compared with 39.4 per cent a year earlier. Its low cost current account savings account (CASA) grew 29 per cent to take the bank’s level to 23.1 per cent.