Yes Bank net profit drops 45 pc in fourth quarter

Mumbai (Maharashtra) [India], April 22 : Yes Bank on Saturday posted a drop of 45 per cent to Rs 206.21 crore for the quarter ended March 31, 2023, against Rs 371.88 crore in the year-ago period, due to rising provisioning.

Lender's interest earned gained 26 per cent to Rs 6,218.45 crore in the reviewed quarter, against Rs 4946.74 crore in the year-ago period.

Income on investment went up to Rs 1,041.90 crore against Rs 770.89 crore in the corresponding quarter the previous year.

In Q4FY23, Yes Bank's net interest income (NII) stood at Rs 2,105 crore, logging year-on-year rise of 15.70 per cent and quarter on quarter rise of 6.80 per cent.

During the reviewed quarter, interest expended surged 32 per cent to Rs 4117.12 lakh, against Rs 3,130.10 crore in the year-ago period. Operating expenses went up 19 per cent to Rs 2,341.80 crore in the March quarter, against Rs 1,963.59 crore in the year-ago period, according to a statement of the lender shared with stock exchanges.

During the reviewed quarter, gross non-performing asset (NPA) was Rs 4394.57 crore, against Rs 27,975.98 crore in the corresponding quarter the previous year. Net NPA was Rs 1,658.09 crore, against Rs 8,204.53 crore in the corresponding period during the previous year.

Provisioning means an amount that the banks set aside from their profits or income in a particular quarter for non-performing assets, such as assets that may turn into losses in the future.