Private sector lender Yes Bank Q2 net profit surges 31 per cent to Rs 802 crore

Private sector lender Yes Bank on Thursday reported a 31.3 per cent jump in net profit to Rs 801.5 crore for the second quarter ended September 30.

The bank had recorded a net profit of Rs 610.4 crore in the corresponding quarter last fiscal, Yes Bank said in a statement.

The total income of the bank increased to Rs 4,982.23 crore during the quarter from Rs 3,995.34 crore in the same period of 2015-16.

During the quarter, the gross Non-performing Assets (NPAs) increased to 0.83 per cent from 0.61 per cent last fiscal. At the same time, net NPA of the bank also rose to 0.29 per cent from 0.20 per cent.

As a result, provisions (other than tax) and contingencies increased to Rs 161.67 crore as compared to Rs 103.94 crore in the same period a year ago.

Commenting on the result, Yes Bank MD Rana Kapoor said the bank achieved an important milestone with CASA ratio crossing 30 per cent for the first time to 30.3 per cent.

"It demonstrates improving productivity and efficiency of our retail liabilities growth engines. Further, bank’s commitment towards building a strong retail franchise got a comprehensive push with the launch of credit cards during the quarter," he said.

The complete suite of retail product offerings will continue to provide accelerated momentum to the retail franchise, he added.