Yes Bank Q1Fy23 Profit Jumps 50% On Lower Provisions

Yes Bank, the private sector lender in the first quarter logged 50% gain in net profit to Rs. 311 crore. This is on the back of decline in provisions for bad loans and good growth in income. In the year-ago period, the net profit at the bank came in at Rs. 207 crore.

Income during the period rose to Rs. 5916 crore as against Rs. 5394 crore in the same period last year.

The gross NPA at the bank reduced to 15.6% for the June ended period, while net NPAs came down to 4.17% from 5.78%.

Provisions also significantly reduced for the quarter to Rs. 175 crore from Rs. 457 crore. The bank has successfully come out of the Reconstruction Scheme with formation of alternate board with effect from July 15, 2022, pursuant to shareholders' approval, the filing said. "The new board has recommended appointment of Prashant Kumar as MD and CEO for three years, subject to approval of the Reserve Bank of India and shareholders," it said.

Recently, the bank has inked a binding agreement with JC Flowers for establishing an ARC with the motive of offloading stressed assets worth Rs. 48,000 crore.

Yes Bank shares last closed at a price of Rs. 14.70 per share on the NSE.