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Yes Bank Q3 profit jumps 30% on higher other income, NII

The News International Team

Yes Bank ‘s third quarter (October-December period) profit climbed 30 percent to Rs 540.3 crore, driven by strong net interest income and other income. However, rise in provision limited profits to some extent. Net in the year-ago period was Rs 415.60 crore.

Numbers were marginally higher than analysts’ expectations. Profit was expected at Rs 516 crore and net interest income at 887 crore for the quarter, according to the average of estimates of analysts polled by CNBC-TV18.

Net interest income, the difference between interest earned and interest expended, surged 36.6 percent on yearly basis to Rs 909 crore during October-December quarter. Other income (non-interest income) grew by whopping 38.4 percent to Rs 536.81 crore for the quarter.

Operating profit spiked 40 percent year-on-year to Rs 862.73 crore from Rs 614.68 crore during the same period.

Provisions stood at Rs 69.9 crore in the third quarter, up 425.6 percent compared to Rs 13.3 crore in the year-ago period but down 41.5 percent compared to Rs 119.5 crore in previous quarter.

Asset quality inched up a bit in the quarter gone by. Gross non-performing assets (NPA) increased to 0.42 percent in Q3FY15 from 0.39 percent in Q3FY14 and 0.36 percent in Q2FY15. Net NPA also showed uptick at 0.1 percent against 0.08 percent Y-o-Y and 0.09 percent Q-o-Q during the same period.

In absolute term, Yes Bank’s gross NPA jumped 42.3 percent on yearly basis and 25.2 percent sequentially to Rs 278.6 crore and net NPA rose by 52.4 percent and 19.4 percent to Rs 64.5 crore in the quarter gone by.

Total restructuring loans stood at Rs 170.7 crore in October-December period, increased from Rs 116.3 crore in July-September quarter of the current financial year 2014-15.

Net interest margin rose to 3.2 percent in Q3FY15 from 2.9 percent in same quarter last year; sequentially the same was flat flat.

Advances grew by 32.4 percent during the quarter against 30 percent growth in previous quarter. Corporate banking was 68.7 percent of advances while the rest was retail at 31.3 percent.

Current account-saving account improved to 22.6 percent from 20.8 percent on year-on-year basis. Capital adequacy ratio (as per Basel III norms) stood at 15.5 percent in Q3FY15 against 16.6 percent in Q2FY15 and 13.8 percent in Q3FY14.

At 12:55 hours IST, the stock was quoting at Rs 782.50, up Rs 0.45, or 0.06 percent on the BSE.

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