Yes Bank reports 77% YoY jump in profit; stock slips over 2%

24 Jan 2022 , 02:00 PM

Yes Bank Ltd. on Saturday announced its results for the quarter ending December 2021. The bank reported stellar growth in PAT, whilst net interest income dropped against the previous quarter. Bank’s performance was better than expected as analysts believed that the bank will report huge losses for the quarter. 

The bank reported a 77% YoY jump in net profit at Rs 266 crore for Q3 FY’22, as against Rs 151 crore for Q3 FY’21.

Provisions for the quarter ending December 2021 decreased to Rs 375 crore against Rs 2,089 crore for the previous corresponding quarter, down by 82.1% YoY.

Yes Bank’s Net Interest Income (NII) stood at Rs 1,764 crore for Q3 FY’22 from Rs 2,560 crore in the same quarter last year, down by 31% YoY. While Net Interest Margin (NIM) for the quarter was reported at 2.4% as against 2.2% for the previous corresponding quarter, and 3.4% for September 2021 quarter.

Bank’s cost of funds stood at 5.1% against 6.1% in the previous corresponding quarter. Gross NPA ratio improved to 14.7% sequentially against 15%  in the preceding quarter. Its NPA provision coverage ratio stood at 79.3%.

Since the September quarter of 2019, Balance sheet topped Rs 3 lakh crore mark for the first time. It was up nearly 6 per cent sequentially, said the bank in its regulatory filing.

Yes Bank is currently trading at Rs13.47 down by Rs0.27 or 1.97% from its previous closing of Rs13.74 on the BSE. The scrip opened at Rs14.20 and has touched a intraday high and low of Rs14.24 and Rs13.40 respectively