YES Bank's Q1FY24 Net Profit Surges 69.2% Q-o-Q
YES Bank has unveiled its financial results for the quarter that ended 30 June 2023. The bank's net profit soared to Rs 343 Crores, showcasing 10.3 per cent year-on-year growth and 69.2 per cent quarter-on-quarter increase.
Among the key highlights, YES Bank reported a robust Net Interest Income (NII) of Rs 2,000 Crores, marking 8.1 per cent year-on-year growth. The Net Interest Margin (NIM) also showed an improvement at 2.5 per cent, up by 10 basis points compared to the previous year.
The bank's Non-Interest Income witnessed a surge, reaching Rs 1,141 Crores, reflecting 54 per cent year-on-year growth and a notable 13.7 per cent quarter-on-quarter increase.
YES Bank has been making significant strides in its Balance Sheet Granularity, with advances growing at 10 per cent year-on-year (adjusted for ARC transaction). The Retail Advances segment saw substantial growth at 31.3 per cent year-on-year, while the SME and Mid Corp. segments recorded growth rates of 24.1 per cent and 28.9 per cent year-on-year, respectively.
In terms of New Sanctions and Disbursements, YES Bank sanctioned and disbursed a total of Rs 24,730 Crores during the quarter. Additionally, the bank added 355,000 new CASA (Current Account Savings Account) accounts during the same period.
A major highlight was the bank's strong resolution momentum, with total recoveries and upgrades amounting to Rs 1,201 Crores during the quarter.
Prashant Kumar, Managing Director & CEO, YES Bank, expressed his satisfaction with the bank's performance, stating, "Q1FY24 was a steady quarter where we have demonstrated significant progress in line with our Strategic Objectives."
He further highlighted the launch of YES Bank's refreshed brand identity, which includes a new logo and an integrated 360-degree campaign with the positioning - 'Life Ko Banao Rich'. Prashant added, "The initial feedback to this campaign has been extremely positive, and we believe that this will not only instill enthusiasm and confidence among our stakeholders, but also enhance the pace of our new customer acquisition."
