Yes Bank profit up 30.6% to `882.6 cr on higher NIMs, NII
Mid-sized private sector lender Yes Bank on Thursday reported a 30.6 per cent growth in its December quarter net at Rs 882.6 crore, primarily helped by an expansion in margins post-demonetisation. The city-based lender had reported a post tax profit of Rs 675.6 crore in the corresponding October-December period last year.
A heavy influx of deposits into the low-cost current and saving account deposits, whose share rose 3 percentage points in a single quarter to 33 per cent of base, helped increase its net interest margin to 3.5 per cent for the quarter.Its managing director and chief executive Rana Kapoor exuded confidence that these deposits -- it saw Rs 10,168 crore in cash deposits including Rs 8,068 crore of scrapped notes .
The core net interest income rose 30.3 per cent to Rs 1,507 crore, while the non-interest income was up 33.8 per cent to Rs 998 crore. Its advances rose 38 per cent on back of a steady pick up in the mid-corporate segment and the deposits were up 30.5 per cent during the quarter while the credit deposit ratio was 88.5 per cent.