Yes Bank Q4 Results: Net Profit Up 123.2% To Rs 452 Cr; Deposits Expands Over 20%

Yes Bank has declared its financial results for the quarter and year ended March 31, 2024 on Saturday, 27th April. The bank's net profit for Q4FY24 stood at Rs 452 Crs up 123.2% Y-o-Y from Rs 202 Cr in Q4FY23. FY24 net profit at Rs 1,251 Crs up 74.4% Y-o-Y from Rs 717 Cr in FY23. The bank's net interest income (NII) stood at Rs 2,153 Cr in the quarter under review up by 2.3% YoY from Rs 2,105 Cr in the year-ago quarter whereas in the entire financial year 2024, its NII reached Rs 8,095 Cr which was Rs 7,918 Cr in FY23, representing a growth of 2.2%.

Non-interest income for the bank grew by 31.3% QoQ and 56.3% Y-o-Y to Rs 1,569 Crs in Q4FY24. FY24 Non-Interest Income of Rs 5,114 Crs is a 38.8% YoY growth. Yes Bank reported NIMs of 2.4% for Q4FY24, up from 2.8% in Q4FY23 and 2.4% in the last quarter. NIMs for FY24 were 2.4%. Operating profit for Q4FY24 reached Rs 902 Cr, up 4.4% QoQ and 1.5% Y-o-Y, while the bank's operating costs were Rs 2,819 Crs, up 27.0% YoY. Operating Profit for FY24 climbed 6.4% YoY to Rs 3,386 Crs.

RoA for the bank in Q4FY24 was 0.5% as opposed to 0.2% in Q4FY23 and Q3FY24. RoA for FY24 is 0.3% compared to 0.2% for FY23. According to the bank, its provision costs for Q4FY24 were Rs 471 Crs, down 23.8% YoY and 15.1% QoQ; for FY24, they were Rs 1,886 Crs, down 15.0% YoY. With net advances of Rs 2,27,799 Cr, Yes Bank saw a growth of 4.7% QoQ and 12.1% Y-o-Y. The total balance sheet of Yes Bank climbed 14.3% year on year, with a CD ratio of 85.5% as opposed to 89.9% in Q3FY24 and 92.0% in Q4FY23.

The CASA ratio was 30.9% as of Q4FY23, up from 30.8% in Q4FY23 and 29.7% QoQ. Yes Bank reported that its total deposits were Rs 2,66,372 Cr, up 22.5% Y-o-Y and 10.1% QoQ. 15.3 lacs in FY24 and 409K in Q4FY24 were the total amount of retail CASA accounts opened by the bank. At 116.1% during the quarter, the bank's average quarterly liquidity cover ratio (LCR) remains strong; as of December 31, 2023, it was 118.4%. The bank said that as of March 31, 2024, its gross non-performing assets (GNPA) ratio was 1.7%, compared to 2.0% in Q3FY24 and 2.2% in Q4FY23.

The NNPA ratio improved to 0.6% from 0.9% in the previous quarter and 0.8% in Q4 of FY23. Yes Bank reported gross slippages of Rs 1,356 Crs for Q4FY24 as opposed to Rs 1,233 Crs in Q3FY24. Gross slippages were Rs 5,334 Crs in FY24 as opposed to Rs 4,775 Crs in FY23.

Mr. Prashant Kumar, Managing Director & CEO, YES BANK said, "This quarter demonstrates a significant step in the RoA expansion journey, with Q4FY24 RoA expanding to 0.5%. This is despite the one-off gains from tax refunds, SR recoveries and ARC Sale, being prudently utilized for strengthening the Asset Quality metrics- for instance, the NNPA + Net Carrying value of SRs have more than halved over the course of the year to 1.1% from 2.4% in FY23."

"Moreover, we continue to witness strong momentum in our liability franchise with growth in Deposits expanding to over 20% Y-o-Y for first time in last 8 quarters. Importantly, despite challenging environment during the course of the year, our CASA ratio has expanded 10 bps Y-o-Y to 30.9%. This quarter, the Bank continued to expand on its digital footprint with significant partnerships reflecting the inherent strength in the capabilities and technology infrastructure of the Bank. As the Bank embarks on the fifth year of this new journey, we remain focused on diligently executing the RoA expansion roadmap," he further added.