Yes Bank Q1 earnings: The financial institution’s gross non-performing belongings had been at 2 % in contrast with 13.4 % within the year-ago interval

Private sector lender Yes Bank on July 22 reported a ten.26 % year-on-year (YoY) rise in internet revenue to Rs 342.5 crore within the first quarter of the present monetary 12 months, up from Rs 314.3 crore within the year-ago interval.

The financial institution’s asset high quality noticed a wholesome enchancment for the quarter. The lender’s gross non-performing belongings (GNPAs) stood at 2 % in contrast with 13.4 % within the corresponding quarter of the earlier fiscal.

The internet non-performing belongings (NNPA) for the quarter stood at 1 % in contrast with 4.2 % within the year-ago quarter.

Prashant Kumar, Managing Director and CEO, Yes Bank stated, “Q1FY24 was a gradual quarter the place now we have demonstrated vital progress in step with our strategic goals. While the steadiness sheet granularity momentum continued, we additionally delivered sturdy development in our charge earnings whereas containing our working and credit score prices.”

“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 that 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,” Kumar added.

The lender’s internet curiosity margin (NIM) for the June quarter stood at 2.5 % up almost 10 foundation factors YoY, whereas its non-interest earnings (NII) was at Rs 1,141 crore, up 54 % YoY and 13.7 % QoQ.

The financial institution’s gross slippages for Q1FY24 had been reported at Rs 1,430 crore in comparison with Rs 1,072 crore in the identical interval within the final monetary 12 months, and Rs 1,196 crore within the fourth quarter of FY23.

Total deposits for the quarter stood at Rs 219,369 crore, up 13.5 % YoY and 0.9 % QoQ. The financial institution’s CASA ratio (ratio of deposits in present, and saving accounts to complete deposits) was at 29.4 % in comparison with 30.8 % in Q1FY23 and Q4FY23. The lender opened 3,55,000 new CASA accounts in Q1FY24. Its retail and small enterprise deposits (gross LCR definition) grew 17.9 % YoY.