Yes Bank reported strong financial results for the second quarter of FY24, with a 47.4% year-over-year (YoY) increase in net profit, reaching ₹225 crore.
This growth was largely driven by a reduction in provisioning expenses and enhanced asset quality. The bank's gross non-performing assets (GNPA) dropped to 2%, a significant improvement from 12.9% in the same quarter last year. The net non-performing assets (NNPA) also decreased to 0.9%.
The lender's net interest income (NII) experienced a slight decline of 3.3% YoY, amounting to ₹1,925 crore, attributed to increased funding costs.
The net interest margin (NIM) also saw a dip, settling at 2.3% for the quarter. However, Yes Bank's non-interest income showed robust growth, increasing by 38.4% YoY to ₹1,210 crore, indicating strong earnings from fees, commissions, and other sources.
CEO Prashant Kumar highlighted that the bank's performance reflects its strategic efforts over the past three years, focusing on asset quality and operating profitability, despite challenges such as high-interest rates and liquidity constraints
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