Profit before tax in Q1 FY24 stood at Rs 458.11 crore, up 10.36% from Rs 415.10 crore reported in the corresponding quarter previous year.

Net interest income (NII) stood at Rs 2,000 crore for Q1FY24, registering a growth of 8.01% year on year (YoY). Net interest margin (NIM) for Q1 FY24 was at 2.5% up nearly 10 bps as compared to 2.4% reported in Q1 FY23.

The private bank's operating profit before provisions & contingencies surged 38.75% YoY to Rs 818.41 crore in the quarter ended 30 June 2023.

The bank's operating expenses in the first quarter of FY24 came in at Rs 2,322 crore, registering a growth of 16% YoY.

On asset quality front, the bank's gross non-performing assets (NPAs) stood at Rs 4,072.67 crore as on 30 June 2023 as against Rs 27,746.75 crore as on 30 June 2022.

The gross NPA ratio slipped to 2% as on 30 June 2023 as compared to 13.4% as on 30 June 2022. The net NPA ratio reduced to 1% as on 30 June 2023 as against 4.2% as on 30 June 2022.

Gross slippages stood at Rs 1,430 crore in the quarter ended 30 June 2023, up 33.4% from Rs 1072 crore reported in the same period last year.

Net advances were at Rs 200,204 crore as on 30 June 2023, up 7.4% YoY. Total deposits stood at Rs 219,369 crore as on 30 June 2023, recording a growth of 13.5% YoY. CASA ratio stood declined to 29.4% as on 30 June 2023 as compared to 30.8%% posted in the same period a year ago.

Average liquidity coverage ratio (LCR) during the quarter remains healthy at 127%; LCR as on 30 June 2023 was at 125.7%

Yes Bank said that the resolution momentum continues to be strong with recoveries & upgrades for Q1 FY24 at Rs 1,201 crore.

Prashant Kumar, managing director & CEO, Yes Bank said, “Q1FY24 was a steady quarter where we have demonstrated significant progress in line with our strategic objectives. While the balance sheet granularity momentum continued, we also delivered a strong growth in our fee income while containing our operating and credit costs.

With the focus of the bank now firmly aligned towards improving the profitability of the franchise, over the coming quarters, we will continue to work on levers which further accelerate this momentum such as improvement in NIMs and CASA Ratio, reducing the drag from legacy PSL requirements, further cross-sell and product penetration into our fast expanding customer base, while continuing to maintain strict controls over costs.”

Yes Bank is a full-service commercial bank providing a complete range of products, services and technology driven digital offerings, catering to retail, MSME as well as corporate clients.

Shares of Yes Bank gained 1.86% to close at Rs 18.06 on Friday, 21 July 2023.