Yes Bank’s net profit down 45 percent at Rs 202 crore in fourth quarter
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Net interest margin increased by 0.30 percent to 2.8 percent. Credit growth stood at over 12 per cent. The total deposits of the bank increased by 10 percent. Yes Bank said that due to increase in provisioning for loans, it had an impact on its profit during the March quarter and the entire financial year.
Private sector Yes Bank said on Saturday that its net profit declined by 45 percent to Rs 202 crore in the March quarter of the last financial year. The bank told the stock market that its net profit declined by 32.7 percent to Rs 717 crore during the financial year 2022-23. The bank’s net interest income rose 15.4 per cent to Rs 2,105 crore in the March quarter. Net interest margin increased by 0.30 percent to 2.8 percent. Credit growth stood at over 12 per cent. The total deposits of the bank increased by 10 percent. Yes Bank said that due to increase in provisioning for loans, it had an impact on its profit during the March quarter and the entire financial year.
The bank’s Managing Director and Chief Executive Officer (CEO) Prashant Kumar told reporters that the results were affected due to provisions, but better recovery from bad loans is expected in the coming times. Yes Bank’s net interest income rose 15.4 per cent to Rs 2,105 crore in the quarter under review. Non-interest income grew by 22.8 per cent to Rs 1,082 crore. The bank said that this is the second consecutive year when it has been able to register profit.
Disclaimer:IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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