YES Bank’s net profit grows four fold as provision for bad loans shrink
YES Bankhas reported its highest net profit since December 2018 at ₹207 crore.
- The bank expects impact from the pandemic to ease down from hereon and sees recovery in retail and wholesale loans.
- Net interest income of the private sector bank jumped 42% to ₹1,402 crore in April-June quarter.
The sudden jump in profit is because of the lower provisions made for bad loans held with the bank. It has lowered provisions by 88% to ₹644 crore in June. The bank also expects the provision requirement to go down going ahead.
The private lender’s total deposit rose 39% year-on-year to ₹1.63 lakh crore while net advances fell by 1% year-on-year to ₹1.63 lakh crore.
Net interest income of the private sector bank jumped 42% in the quarter to ₹1,402 crore in April-June quarter.
Prashant Kumar, managing director and chief executive officer at Yes Bank, expects the pandemic’s impact to ease hereon. The bank is targeting a 15% credit growth in the current financial year — 10% from corporate loans and 20% from retail and micro, small and medium enterprises loans.
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