Yes Bank on Saturday reported a standalone net profit of Rs 502.43 crore for the quarter ended June 30, 2024, which was up by 47% over Rs 342.52 crore reported by the lender in the year ago period. The interest earned in the reported quarter stood at Rs 7,719.15 crore, higher by 19.8% from Rs 6,443.22 crore reported in the corresponding quarter of the previous financial year.
Interests expended during the reported quarter stood at Rs 5,475.11 crore, which was up from Rs 4,443.6 crore reported by the lender in the year ago period. This was a 23% YoY growth.
The net profit for Q1FY25 was up by 11.2% on the quarter-on-quarter basis versus Rs 452 crore in Q4FY24. The net interest margins (NIMs) for the reported quarter for Q1FY25 were steady on the QoQ basis at 2.4%, a company filing to the stock exchanges said.
The bank's non-interest income for Q1FY25 stood at Rs 1,199 crore which it said was a normalised growth at 20.5% YoY.Net provision costs was lower by 41.2% YoY and 55% on the QoQ basis. The returns on assets (RoA) for Q1FY25 stood at 0.5% versus 0.4% in Q1FY24 and 0.5% in Q4FY24.
Balance sheet
The balance sheet momentum sustained with effective execution in line with strategic objectives, the company said in its filing. The deposit accretion remained robust gaining 20.8% YoY. CASA ratio was flat on the QoQ basis at 30.8% despite Q1 seasonality.
Net Advances grew at 14.7% YoY aided by aided by sustained growth momentum in SME (at 23.8% YoY), mid corporate advances (at 25.0% YoY) and resumption of growth in corporate segment (13.8% YoY growth).
The net interest income, was reported at Rs 2,244 crore for Q1FY25 up 12.2% YoY and 4.2% QoQ.
Asset Quality
The company delivered improvement in its asset quality metrics. The GNPA (gross non-performing assets) ratio was reported at 1.7% as of June 30, 2024, versus 1.7% in Q4FY24 and 2% at Q1FY24. Meanwhile, NNPA (net-non-performing assets) ratio improved to 0.5% versus 0.6% in the last quarter and 1% at Q1FY24.
Gross Slippages for Q1FY25 stood at Rs 1,205 crore versus Rs 1,482 crore in Q1FY24 and Rs 1,356 crore in Q4FY24. Slippages net of recoveries and upgrades in Q1FY25 stood at Rs 499 crore versus Rs 808 crore in Q1FY24 and Rs 370 crore in Q4FY24.
"While the income engines are continuing to fire with normalised Net Income Growth at 15% YoY, the bank has been able to contain the operating cost growth at 8% YoY (exPSLCs). At the same time, the resolution momentum continues to be strong, leading to lower net credit costs, which is also aiding in RoA expansion," he said.
Prashant Kumar, Managing Director & CEO, YES BANK said the bank started the financial year on a strong footing with RoA sustaining QoQ at 0.5% despite seasonality of Q1 and NIL PSL shortfalls. "While the income engines are continuing to fire with normalised Net Income Growth at 15% YoY, the bank has been able to contain the operating cost growth at 8% YoY (exPSLCs). At the same time, the resolution momentum continues to be strong, leading to lower Net Credit Costs, which is also aiding in RoA expansion," he added.
"On the balance sheet front, the bank is effectively executing its strategic objectives of sustained momentum in SME and Mid- Corporate segments, resumption of growth in Corporate segment and calibration in Retail Assets with focus on profitability. Similarly, the retail and branch banking led deposits continue to grow at faster pace than wholesale deposits," the Yes Bank MD said.
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