New Delhi: Mumbai-headquartered Indian Bank Yes Bank, on Saturday, reported a hike by 10.26 per cent year-on-year (YoY) rise in its standalone profits for the June quarter of FY23 at Rs 342.52 crore.

Bank’s financial records

Private sector lenders reported its net interest income grew by 8.1 per cent against the previous year ago and stood at 1,999.6 crore.

The bank’s gross non-performing asset (GNPA) ratio declined 20 basis points consecutively to 2 per cent, however, its net NPA hiked by 20 basis points on QoQ to 1 per cent.

The Bank’s provisions for the first quarter of the financial year 2023 stood at Rs 360 crore.

In the April-June quarter, the net interest margin on NIM grew 10 basis points YoY to 2.5 per cent. Bank’s net advances administered a 7.4 per cent YoY growth at Rs 2,00,204 crore, whereas, the total deposits rose 13.5 per cent YoY to Rs 2,19,369 crore.

CEO says ‘will improve in NIMs and CASA Ratio

Yes Bank Chief Executive Officer and Managing Director Prashant Kumar said, ” “With the focus of the bank now firmly aligned towards improving the profitability of the franchise, over the coming quarters, we will continue to work on levers which further accelerate this momentum such as improvement in NIMs and CASA Ratio, reducing the drag from legacy PSL requirements, further cross-sell and product penetration into our fast-expanding customer base, while continuing to maintain strict controls over costs.”

Yes Bank’s loan book improved as the retail advances mix came in at 47.2 per cent versus 38.6 per cent in the April-Juen quarter of FY23 and 45.5 per cent last quarter.

Moving on, the rest of the loan book at present comprises 14 per cent SMEs, 14 per cent to medium corporates and 25 per cent of corporates.

The private entity’s balance sheet grew 11.7 per cent YoY, whereas, the CASA ratio stood at 29.4 per cent against 30.8 per cent in Q1FY23 and Q4FY23.

On the last day of the trading session, YES bank shares were up by 1.86 per cent at Rs 18 on BSE.