Mumbai: Private sector lenders yes bank A rise of 46.7 per cent was recorded on Saturday Net Profit to Rs 502 crore for the June 2024 quarter, helped by a reduction in provisionsThe city-headquartered bank's core net interest income grew 12.2 per cent to Rs 2,000 crore. Its net interest margin remained stable at 2.4 per cent.
Deposits, which a large part of the system is struggling with, grew by more than 20 per cent.
Other income grew 5.1 per cent to Rs 1,141 crore during the quarter.
Its overall provisions fell 41.2 per cent to Rs 212 crore, and a senior official attributed this to the recovery of bad assets that were transferred to J.C. Flowers Asset Reconstruction Company.
Provisions on investments were reduced by Rs 318 crore as against Rs 144 crore in the same period a year ago, while provision for taxation increased from Rs 116 crore to Rs 171 crore, and provision on non-performing assets increased from Rs 314 crore to Rs 513 crore, due to increase in provision coverage ratio.
On the asset quality front, the bank acknowledged some stress in the problematic unsecured advances portfolio and said it has adopted a cautious approach in this area.
This stress is reflected in the elevated level of overdue advances between 61-90 days, and the bank expresses confidence that this will improve over the next two quarters.
Its overall gross non-performing asset ratio remained stable at 1.7 per cent and gross slippages declined to Rs 1,205 crore during the quarter.
Prashant Kumar, MD and CEO of Yes Bank, said they have set a target of 16-17 per cent loan growth for FY25 and a large part of it will come from the mid-market and small business segment.
Kumar said the target is to increase large corporate balances at the rate of 10 per cent.
With regard to priority sector loans, where the bank had reported in the March quarter that profitability was impacted due to a drop in credit, the bank said it has achieved the target for the June quarter.
It said about a quarter of the remaining Rs 44,000 crore of the Rural Infrastructure Development Fund will run out in FY25, and the rest in the next 2-3 years.
The remaining share of RIDF in the loan book will be halved to below 5 per cent over the next three years.
The bank plans to open 50 branches in FY25 and has launched 140 branches in the last 18 months.
Its overall capital adequacy stood at 16.5 per cent, while the core buffer stood at 13.6 per cent.
Kumar declined to comment on media reports about its largest owner SBI selling stake or getting RBI approval for the stake sale.
Deposits, which a large part of the system is struggling with, grew by more than 20 per cent.
Other income grew 5.1 per cent to Rs 1,141 crore during the quarter.
Its overall provisions fell 41.2 per cent to Rs 212 crore, and a senior official attributed this to the recovery of bad assets that were transferred to J.C. Flowers Asset Reconstruction Company.
Provisions on investments were reduced by Rs 318 crore as against Rs 144 crore in the same period a year ago, while provision for taxation increased from Rs 116 crore to Rs 171 crore, and provision on non-performing assets increased from Rs 314 crore to Rs 513 crore, due to increase in provision coverage ratio.
On the asset quality front, the bank acknowledged some stress in the problematic unsecured advances portfolio and said it has adopted a cautious approach in this area.
This stress is reflected in the elevated level of overdue advances between 61-90 days, and the bank expresses confidence that this will improve over the next two quarters.
Its overall gross non-performing asset ratio remained stable at 1.7 per cent and gross slippages declined to Rs 1,205 crore during the quarter.
Prashant Kumar, MD and CEO of Yes Bank, said they have set a target of 16-17 per cent loan growth for FY25 and a large part of it will come from the mid-market and small business segment.
Kumar said the target is to increase large corporate balances at the rate of 10 per cent.
With regard to priority sector loans, where the bank had reported in the March quarter that profitability was impacted due to a drop in credit, the bank said it has achieved the target for the June quarter.
It said about a quarter of the remaining Rs 44,000 crore of the Rural Infrastructure Development Fund will run out in FY25, and the rest in the next 2-3 years.
The remaining share of RIDF in the loan book will be halved to below 5 per cent over the next three years.
The bank plans to open 50 branches in FY25 and has launched 140 branches in the last 18 months.
Its overall capital adequacy stood at 16.5 per cent, while the core buffer stood at 13.6 per cent.
Kumar declined to comment on media reports about its largest owner SBI selling stake or getting RBI approval for the stake sale.