Private sector lender YES Bank
posted a 31.3 per cent rise in its net profit for the quarter ended September 30, 2016 on the back of higher growth in its net interest income and non interest income. The bank posted a net profit of Rs 801.5 crore for Q2 of FY17 as compared to Rs 610.4 crore posted in same quarter last financial year.
Net interest income, the difference between interest earned and interest expended, increased 30.5 per cent to Rs 1446.2 crore on year-o-year basis in Q2 on account of strong growth in advances and CASA deposits. The non interest income grew by 43.6 per cent to Rs 887.9 crore in Q2 of financial year 2016-17. The net interest margin was at 3.4 per cent for Q2 FY17 compared to 3.3 per cent in Q2 FY16.
During the second quarter, there was a rise in both the gross and net Non-performing Assets (NPAs) of the Bank. The gross NPA increased to 0.83 per cent from 0.61 per cent last financial year. Similarly, the net NPA of the bank rose to 0.29 per cent from 0.20 per cent on a year-on-year basis. Consequently, the provisions increased by 55.6 per cent to Rs 161.67 crore in Q2 of this financial year compared to a year ago.
Rana Kapoor, MD & CEO, YES Bank
said that the CASA ratio crossed 30 per cent for the first time to 30.3 per cent. "It demonstrates improving productivity and efficiency of our retail liabilities/branch banking growth engines. Further, bank's commitment towards building a strong retail franchise got a comprehensive push with the launch of credit cards during the quarter," he said.
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