MUMBAI: Mid-sized private sector lender Yes Bank has reported a street-beating set of numbers on all key parameters for the quarter to September with net income zooming by over 150 percent to Rs 553 crore from Rs 225 crore in the same quarter last year.
The bank, rescued by an RBI initiated bailout in March 2020, reported healthy margins, robust core or net interest income and stable asset quality along with healthy asset and deposit growth numbers.
In a concall with reporters Saturday, the bank management said the net interest income rose 14.3 percent to Rs 2,200 crore from Rs 1,925.1 crore a year ago, reflecting steady growth in core lending operations.
Net interest margin has improved to 2.4 percent from 2.3 percent a year ago. However, it remained flat sequentially.
Non-interest income came in at Rs 1,407 crore or at 1.4 percent of average assets annualized.
“The bank continues to deliver according to the stated strategic objectives, with superior growth in SME and mid corporate segments, growth resumption in the corporate segment and calibration of growth in retail segment, aimed at profitability improvement. The bank continues to maintain nil priority sector lending shortfalls,” Prashant Kumar, managing director told reporters.
The bank’s asset quality showed improvement, with gross non-performing asset ratio decreasing to 1.6 from 1.7 on year, while the net NPA ratio remained stable at 0.5.