YES Bank Q1 profit rises 50% to Rs 311 cr on account of income growth

YES Bank on Saturday reported 50 per cent increase in net profit at Rs 311 crore for June quarter 2022-23 on fall in provisions for bad loans, and healthy income growth

YES Bank
Yes Bank Q1 result
Press Trust of India New Delhi
2 min read Last Updated : Jul 23 2022 | 2:19 PM IST

YES Bank on Saturday reported 50 per cent increase in net profit at Rs 311 crore for June quarter 2022-23 on fall in provisions for bad loans, and healthy income growth.

The bank had clocked a net profit of Rs 207 crore in the year-ago period, it said in a regulatory filing.

Total income during the quarter rose to Rs 5,916 crore as against Rs 5,394 crore in the same period of 2021-22.

The private sector lender improved on its bad assets with gross non-performing assets (NPAs) falling to 13.45 per cent of gross advances as of June 30, 2022 from 15.60 per cent by June-end 2021.

Net NPAs or bad loans too came down to 4.17 per cent from 5.78 per cent.

Provisions for bad loans and contingencies for the quarter under review fell to Rs 175 crore from Rs 457 crore in the year-ago period.

The bank has successfully come out of the Reconstruction Scheme with formation of alternate board with effect from July 15, 2022, pursuant to shareholders' approval, the filing said.

"The new board has recommended appointment of Prashant Kumar as MD and CEO for three years, subject to approval of the Reserve Bank of India and shareholders," it said.

Also, the bank has signed a binding term sheet with JC Flowers to form an asset reconstruction company with the objective of sale of an identified pool of nearly Rs 48,000 crore of stressed assets.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Subscribe to Business Standard digital and get complimentary access to The New York Times

Quarterly Starter

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

Save 46%

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Access to Exclusive Premium Stories Online

  • Over 30 behind the paywall stories daily, handpicked by our editors for subscribers

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

Topics :YES BankQ1 results

First Published: Jul 23 2022 | 2:18 PM IST

Next Story