MUMBAI: Private sector lender Yes Bank on Saturday posted a 45% decline in its March quarter net at Rs 202 crore, impacted by higher provisioning for bad loans. The bank’s net interest income increased to Rs 2,105 crore in the fourth quarter of FY23 from Rs 1,819 crore in the year-ago period, reflecting a 15.7% rise.
The net interest income registered a nearly 7% growth from the previous quarter of 2023. Its non-interest income for the quarter under review came in at Rs 1,082 crore, which is nearly 23% higher compared to Rs 882 crore in the year-ago period. Yes Bank’s provisions for the quarter, excluding taxes, rose 127.8% year-on-year (YoY) to Rs 617 crore.
“Over the last three years, the bank has significantly progressed on several strategic objectives such as strengthening of governance and compliance standards, bolstering balance sheet through granularity, addressing the asset quality concerns, building up a strong liability franchise and expanding customer base,” said Prashant Kumar, managing director and chief executive officer.
“Our retail franchise has now reached a critical scale and is poised for profitable growth. With the current momentum of accelerated growth, the efficiency gains and operating leverage will drive the bank’s profitability upwards,” he said. The bank’s balance sheet during the quarter under review grew 11.5% year-on-year and 3.2% QoQ to Rs 3,54,786 crore. The total deposits stood at Rs 2,17,502 crore, up 10.3% YoY and 1.8% QoQ.