Yes Bank Q1 Results: Net Profit Surges 46.7% To Rs 502 Cr; NIMs For Q1FY25 Steady

The financial results for the quarter that ended on June 30, 2024, were released by Yes Bank today. According to the bank, its net profit for Q1FY25 was Rs 502 Crs, up 11.2% QoQ and 46.7% Y-o-Y. While NIMs were 2.4% for Q1FY25 compared to 2.5% in Q1FY24 and 2.4% last quarter, NII was Rs 2,244 Crs for Q1FY25, up 12.2% YoY and 4.2% QoQ.

Yes Bank reported non-interest income of Rs 1,199 Crs. Operating costs were down 9.3% QoQ but up 10.1% Y-o-Y at Rs 2,558 Crs. Q1FY25 Provision Cost (non-tax) at Rs 212 Crs decreased by 55.0% QoQ and 41.2% Y-o-Y. RoA was 0.5% in Q1FY25 as opposed to 0.4% and 0.5% in Q1FY24 and Q4FY24.

With net advances of Rs 2,29,565 Crs, Yes Bank reported growth of 14.7% YoY and 0.8% QoQ, while the total balance sheet saw a 14.6% YoY growth at 86.6% as opposed to 85.5% in Q4FY24 and 91.3% in Q1FY24 for the CD Ratio. The bank reports that its total deposits are Rs 2,65,072 Crs, increasing 20.8% year on year but slightly down by 0.5% quarter on quarter. CASA ratio was 30.8% in Q1FY25, up from 29.4% in Q1FY24 and 30.9% Q-o-Q. In Q1FY25, 3.78 lakh retail CASA accounts were established.

The bank reported that as of June 30, 2024, its GNPA ratio was 1.7%, up from 1.7% in Q4FY24 and 2.0% in Q1FY24. Meanwhile, the NNPA ratio climbed to 0.5% from 0.6% in the last quarter and 1.0% in Q1FY24. Gross Slippages at Rs 1,205 Crs v/s for Q1FY25. Q1FY24 saw Rs 1,482 Crs, while Q4FY24 saw Rs 1,356 Crs.

Mr. Prashant Kumar, Managing Director & CEO, YES BANK said, "The Bank has started the financial year on a strong footing with RoA sustaining Q-o-Q at 0.5% despite seasonality of Q1 and NIL PSL shortfalls. While the Income Engines are continuing to fire with normalised Net Income Growth at 15% Y-o-Y, the Bank has been able to contain the Operating Cost growth at 8.0% Y-o-Y (exPSLCs). At the same time, the resolution momentum continues to be strong, leading to lower Net Credit Costs, which is also aiding in RoA expansion."

"On the Balance Sheet front, the Bank is effectively executing its strategic objectives of sustained momentum in SME and Mid- Corporate segments, resumption of growth in Corporate segment and calibration in Retail Assets with focus on profitability. Similarly, the Retail and Branch Banking led Deposits continue to grow at faster pace than Wholesale Deposits," he added.

"Other key highlights of the quarter were i) exercise of outstanding Warrants by the Private Equity Investors, and ii) Credit Rating Outlook upgrade by Moody's and Credit Rating upgrade by ICRA- these external stakeholder validations reinforce faith & confidence in the growth and profitability expansion trajectory of the franchise," Prashant Kumar further stated.