Private sector lender Yes Bank Wednesday reported 27.7 per cent rise in net profit to Rs. 551.20 crore during the first quarter ended June 30, 2015-16, on higher net interest income.
Bank’s net profit during the April-June quarter of the previous fiscal was Rs. 431.54 crore.
Its net interest margin (NIM), the key gauge of profitability, expanded to 3.3 per cent in the first quarter of the current fiscal, from 3 per cent in the year-ago period, Yes Bank said in a filing on BSE.
Net interest income of the bank rose by 42.2 per cent, year-on-year, to Rs. 1,059.80 crore, it said.
Total income also increased to Rs. 3,797.02 crore in the first quarter of 2015-16 as against Rs. 3,093.19 crore in the same period of previous fiscal.
However, bank’s asset quality slipped during the period under review, with gross Non-Performing Assets (NPAs) rising to 0.46 per cent of the gross advances as against 0.33 per cent a year ago.
Similarly, net NPAs or bad loans also inched up to 0.13 per cent, from 0.07 per cent of net advances.
Yes Bank’s total advances grew by 35.1 per cent to Rs. 79,665.60 crore and total deposits grew by 25.2 per cent to Rs. 95,315.90 crore as on June 30, 2015.
“Yes Bank…Has posted another satisfactory quarter of consistent results, which is reflected in strong loan growth, NIM expansion and continued resilience in asset quality,” said Rana Kapoor, Managing Director and CEO Yes Bank.
The RBI approval for setting up IFSC unit in GIFT city in Gujarat will significantly enhance Yes Bank’s international banking product offerings for the Bank’s corporate clientele while enabling long term foreign currency fund raising for the bank at competitive rates, he said.