On Saturday (October 26), private sector lender YES Bank Ltd announced a 145.56% YoY increase in net profit at ₹553 Crore for the second quarter ended September 30, 2024.
In the preceding fiscal quarter, YES Bank reported a net profit of ₹225.2 Crore, according to a regulatory filing.
Net interest income (NII), which is the difference between the interest revenue a bank generates from its lending activities and the interest it pays to depositors, climbed 14.3% to ₹2,200.5 Crore, from ₹1,925.1 Crore in the corresponding quarter of FY24.
The gross non-performing asset (GNPA) ratio was 1.6% in the September quarter, compared to 1.7% in the June quarter. The net NPA ratio remained steady at 0.5%.
Gross NPA increased to ₹3,889.4 Crore from ₹3,845 Crore in the previous quarter, but net NPA decreased to ₹1,168 Crore from ₹1,246 Crore.
YES Bank experienced a 12.8% year-over-year and 2.9% quarter-over-quarter increase in operational costs, totalling ₹2,632 Crore. Priority Sector Lending Certificates (PSLC) costs increased to ₹78 Crore from ₹39 Crore in Q2FY24. Operating expenses increased by 11.3% year on year and 2.4% quarterly, excluding PSLC costs.
In Q2FY25 operating profit was ₹975 Crore, up 21.7% year on year and 10.2% quarter on quarter. The bank’s cost-to-income ratio improved to 73.0%, down from 74.4% in Q2FY24 and 74.3% in Q1FY25. Non-tax provision costs decreased by 40.6% year on year to ₹297 Crore.
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