Yes Bank's Q4 net profit jumps 123% to ₹451 crore

Yes Bank's Q4 net profit jumps 123% to ₹451 crore
27 Apr 2024

Yes Bank, a prominent private sector lender, has reported an impressive 123% increase in its net profit for the fourth quarter (January-March) of the fiscal year 2023-24.

The bank's net profit soared to ₹451 crore, a substantial rise from ₹202 crore recorded during the same period in the previous year.

This robust financial performance underscores Yes Bank's strong market position and operational efficiency.

The bank's asset quality remains strong
Asset health

Yes Bank maintained robust asset quality in the fourth quarter of FY2023-24, with its gross non-performing asset (NPA) ratio declining to 1.7% from 2.2% in the same quarter of the previous year.

The net NPA for the quarter also showed improvement, falling to 0.6% from 0.8% on a year-on-year basis.

In Q4 FY24, gross slippages amounted to ₹1,356 crore, up from ₹1,233 crore in Q3 FY24.

Net interest income saw a modest increase
Revenue growth

Yes Bank's net interest income (NII) for the fourth quarter amounted to ₹2,153 crore, marking a modest 2% increase compared to ₹2,105 crore reported in the same quarter of the previous fiscal year.

However, the bank's net interest margin saw a slight dip, dropping to 2.4% from 2.8% in Q4 FY23.

Despite this reduction, the bank's overall revenue growth remains positive, reflecting its sustained profitability.

Yes Bank's lending activity to support businesses

Yes Bank reported a strong 13.8% YoY growth in net advances, which reached ₹2.27 lakh crore in Q4 of FY2023-24.

This growth was primarily driven by sustained momentum in SME and mid-corporate advances, along with a resumption of growth in the corporate segment.

The total deposits surged by 22.5% to reach ₹2.6 lakh crore in the fourth quarter of FY2023-24.

The bank also reported a slight improvement in its CASA ratio, which increased to 30.9% from 30.8% in Q4 FY23.