YES Bank Ltd., on Wednesday reported a 30 per cent rise in its net profit at Rs.540.30 crore in the third quarter ended December 31, 2014, against Rs.415.60 crore in the corresponding period of the previous year.
The net profit was “driven by robust growth in net interest income (NII) and net interest margin expansion, to 3.2 per cent from 2.9 per cent in the period under reference,” said Rajat Monga, Chief Financial Officer, YES Bank, while addressing a press conference here.
NII posted a growth of 36.6 per cent year-on-year (y-o-y) to Rs.909 crore “on back of steady growth in advances,” he added. Advances grew by 32.4 to Rs.66,606.9 crore as at December 31, 2014. Corporate banking accounted for 68.7 per cent of the advances portfolio, and retail banking (including MSME) / business banking accounted for 31.3 per cent.
Total deposits grew 21 per cent to Rs.82,370 crore as at December 31, 2014. The balance sheet grew 21.6 per cent to Rs.123,297.50 crore. Current and savings account (CASA) deposits grew 30.7 per cent y-o-y to Rs.18,622.6 crore taking the CASA ratio to 22.6 per cent from 20.9 per cent. “Continued investment in retail branches and retail sales force has resulted in achieving consistent CASA growth,” he said.
“The bank continued its focus on building granularity in deposits demonstrated by retail deposit contribution of 45.4 per cent as on December 31, 2014,” said Rana Kapoor, Managing Director & CEO, YES Bank, according to a press release issued by the bank
“With an improving public policies and macroeconomic environment, the bank is well poised to capture growth as demonstrated by 32.4 per cent growth in advances in this quarter, resulting in increasing market share in Indian banking,” he added.
