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YES Bank Q1 results: Profit plunges 60% to Rs 45 crore; provisions at Rs 1,087 crore

YES Bank results: The private lender's gross non-performing assets (NPAs) ratio, as a percentage of gross advances, rose sharply to 17.3 per cent against 5.01 per cent in Q1 FY20

Chitranjan Kumar | July 28, 2020 | Updated 17:36 IST
YES Bank Q1 results: Profit plunges 60% to Rs 45 crore; provisions at Rs 1,087 crore
Ahead of Q1 results, YES Bank shares ended day's trade at Rs 11.90, down 3.25 per cent, on the BSE

Cash-strapped YES Bank on Tuesday reported 60.05 per cent year-on-year decline in standalone net profit at Rs 45.44 crore for the first quarter ended June 30, 2020. The private sector lender had posted net profit of Rs 113.76 crore in the same quarter last year, YES Bank said in a regulatory filing.

Net interest income (NII), the difference between interest earned and interest expended, fell by 16.35 per cent to Rs 1,908 crore compared to Rs 2,281 crore in Q1FY20. Net interest margin was up by 20 basis points YoY to 3 per cent.

YES Bank's operating profit declined to Rs 1,146.85 crore during the June quarter as compared to Rs 1,959.09  crore in the year-ago period.

Provision and contingencies fell by 39.09 per cent to Rs 1,086.61 in April-June quarter of this fiscal as against Rs 1,784.11 crore in the same period a year ago. This includes COVID-19 related provisioning of Rs 642 crore. Provision Coverage Ratio (including Technical Write-Offs) stood at 79 per cent as on June 30, 2020.

On asset quality front, YES Bank's gross non-performing assets (NPAs) ratio, as a percentage of gross advances, rose sharply to 17.3 per cent against 5.01 per cent in Q1 FY20. Net NPA ratio also increased to 4.96 per cent as compared to 2.9 per cent in the year-ago period.

In absolute terms, the bank's Gross NPA stood at Rs 32,702.70 crore and Net NPA stood at Rs 8,157.50 crore as on June 30, 2020.  

YES Bank's deposits grew 11.4 per cent QoQ to Rs 1,17,360 crore, aided by 26.4 per cent QoQ growth in current account deposits and 12.6 per cent QoQ growth in term deposits. CASA (Current Account and Savings Account) ratio stood at 25.8 per cent in Q1FY21.

"During the quarter, intensified client outreach resulted in win back of mandates and acceleration in customer acquisition," the bank said.

The bank recently raised Rs 15,000 crore through a Further Public Offering (FPO) within 4 months of lifting of the moratorium on the bank.

Ahead of Q1 results, YES Bank shares ended day's trade at Rs 11.90, down 3.25 per cent, against previous closing price of Rs 12.30 on the Bombay stock Exchange.

Also Read: YES Bank stock falls below FPO price, down for 7th straight session

Also Read: IDBI Bank posts Q1 net profit at Rs 144 crore on lower provisions

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