YesBank reports 50pc jump in net profit in Q1

New Delhi: Private lender Yes Bank on Saturday reported a 50 per cent year-on-year jump in its net profit at Rs 311 crore for the quarter ending June 30, 2022.
The bank had posted a net profit of Rs 207 crore in the April-June quarter (Q1) of the previous financial year.
YesBank registered a 32 per cent year-on-year increase in its net interest income (NII) at Rs 1,850 crore during the quarter under review.
In a regulatory filing on the BSE, the bank said its total provision costs for Q1FY23 stood at Rs 175 crore thus registering a 62 per cent year-on-year decline primarily aided by lower slippages.
Commenting on the results and financial performance, Prashant Kumar, MD & CEO, Yes Bank said, “Q1FY23 has been a stable quarter with progress across fresh disbursements momentum, improving granularization of assets, steady profitability and consistently improving Asset Quality metrics.”
“The balance sheet is now resilient to navigate the volatile interest rate environment, and the Bank remains on track to achieve the FY23 as well as medium term guidance and objectives,” he further said.
The private lender said in a media statement that it has successfully come out of the Reconstruction Scheme with formation of alternate Board with effect from July 15, 2022, pursuant to shareholders’ approval.
“The new Board has recommended appointment of Mr. Prashant Kumar as MD & CEO for three years, subject to approval of the Reserve Bank of India and Shareholders,” it said. (UNI)