Yes Bank’s third quarter profit showed good growth
New Delhi:
Yes Bank on Saturday reported 77 per cent growth in profit at Rs 266.43 crore for the third quarter ended December 2021. It had registered a profit of Rs 150.77 crore in the corresponding period of last year.
However, the private lender’s total income during the quarter under review declined to Rs 5,632.03 crore from Rs 6,408.53 crore in the corresponding period last year, Yes Bank said in a regulatory filing.
Net interest income also declined by 31 per cent to Rs 1,764 crore as compared to Rs 2,560 crore in the same quarter a year ago.
The bank’s gross non-performing assets (GNPA) as a percentage of assets declined to 14.65 per cent during the quarter from 15.36 per cent in the year-ago period.
On the other hand, net NPAs rose to 5.29 per cent, from 4.04 per cent at the end of the third quarter of the previous fiscal.
Provisions other than taxes and contingencies came down from Rs 2,089 crore to Rs 374.64 crore.
“As on November 1, 2021, the Bank had completed the sale of its entire stake in its wholly owned subsidiaries Yes Asset Management (India) Ltd. and Yes Trustee Ltd. to CPL Finance & Investments Ltd. with a net positive effect on its financial results. The sale, including reversal of loss provision, stood at Rs.14.94 crore,” it said.
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