Private sector lender Yes Bank reported 29% growth in net profit to ₹1,179.4 crore for the quarter ended March 31, driven by a 31% increase in net interest income to ₹2,154.2 crore. Non-interest income rose 13% to ₹1,421 crore.
The bank reported improved asset quality with gross non-performing assets, as a percentage of gross advances, decreasing to 1.28% from 1.72% in the previous quarter while net NPAs fell to 0.64% from 0.93%. Yes Bank rose 8.3% to ₹352.05 on the BSE.
“As we step into the fourth year (FY18-19) of this current five-year large bank growth phase (upto March 31, 2020), we remain well positioned to deliver on growth and earnings while preserving asset quality,” said Rana Kapoor, managing director and CEO.
The total assets of the lender rose 45.3% year-on-year to ₹3.12 lakh crore while deposits grew 40.5% to ₹2 lakh crore.
