Yes Bank net profit rises 34%

Private sector Yes Bank on Wednesday posted a 34.3 per cent jump in net profit to Rs 290 crore for the June quarter, helped by a healthy increase in its non-interest income and treasury operations.

The bank had posted a profit of Rs 216.1 crore in the April-June period last fiscal.

Yes Bank, which has received shareholder approval to raise up to $500 million either through a institutional placement or a global deposit receipts issues during the fiscal, is aiming to grow the PAT in the 33-35 per cent range this fiscal, its Managing Director and Chief Executive Rana Kapoor said.

Its non-interest income, which includes financial markets or treasury operations, advisory, trade finance and retail fees, was up by 74.3 per cent in the reporting quarter at Rs 288.1 crore.

Income from treasury operations, which includes forex sales, debt capital markets and derivatives, shot up to Rs 95 crore from the year ago period's Rs 5 crore, its Chief Financial Officer Rajat Monga said.

The core net interest income was up 33.3 percent at Rs 472.2 crore, driven by a 16.4 percent jump in advances over the year-ago period, Kapoor said.

The bank scrip gained 1.38 per cent to close at Rs 346.05 apiece on the BSE on Wednesday.

On the net interest margin front, the NIM stayed flat at 2.8 per cent, even after a 354 percent jump in savings account deposits caused primarily by an elevated interest offering following the RBI move to deregulate rates last October.