Yes Bank Q1 Net Profit Falls 60% to Rs 45 Crore

On Tuesday, Yes Bank reported a 60.05 percent decline in net profit for the June ended quarter at Rs 45.44 crore from Rs 113.76 crore in the same period a year ago.

The lender's total provisions stood at Rs 1,087 crore for the April-June period, including Rs 642 crore for COVID-19 related provisions. In comparison, its provision for the same quarter a year ago was Rs 1,784.1 crore.

Its net interest income (NII) declined 16.3 percent year-on-year to Rs 1,908.2 crore against Rs 2,280.6 crore in June 2019.

Gross NPAs (non-performing assets) at the end of June stood at 17.30 percent against 16.80 percent at the end of March and net NPAs were at 4.96 percent against 5.03 percent in the previous quarter.

"Deposits at Rs 1,17,360 crore grew 11.4 per cent QoQ aided by 26.4 per cent QoQ growth in current account deposits and 12.6 per cent QoQ growth in term deposits. CASA ratio stood at 25.8 per cent in Q1FY21. During the quarter, intensified client outreach resulted in win back of mandates and acceleration in customer acquisition," the bank said.