The bank’s total income jumped 17.89% year on year to Rs 8,179.15 crore during the quarter.
Profit before tax reported Rs 309.31 crore in the third quarter of FY24 is steeply higher than Rs 68.88 crore recorded in the third quarter of FY23.
Net interest income (NII) stood at Rs 1,195 crore, up 12.1% YoY. Net interest margin (NIM) for Q3 FY24 at 2.4% up 10 bps QoQ.
Operating profit was at Rs 864 crore in the December quarter, down 5.4% from Rs 913 crore posted in Q3 FY23.
Operating expenses jumped 10.58% year on year to Rs 2347.43 crore during the quarter. Provisions (other than tax) and contingencies fell by 34.33% year-on-year to Rs 554.74 crore during the quarter.
The bank’s advances increased by 11.8% YoY to Rs 2,17,523 crore in Q3 FY24 from Rs 1,94,573 crore in Q3 FY23. Deposits stood at Rs 2,41,831 crore in Q3 FY24, registering a growth of 13.2% as against with Rs 2,13,608 posted in Q3 FY23.
On asset quality front, the bank's gross non-performing assets (NPAs) stood at Rs 4,457.41 crore as on 31 December 2023 as against Rs 3,903.68 crore as on 31 December 2022.
The bank's net non-performing assets (NPAs) stood at Rs 1,934.36 crore as on 31 December 2023 as against Rs 1973.36 crore as on 31 December 2022.
The bank’s gross NPA ratio as on 31 December 2023 has remained constant at 2%. The net NPA ratio has fallen by 10 basis points to 0.9% YoY as on 31 December 2023.
Meanwhile, the bank’s board appointed Tushar Patankar as chief risk officer and Rajat Chhalani as chief compliance officer of the bank during the quarter.
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 ended 0.81% higher at Rs 24.88 on Thursday, 25 January 2024.
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