Private sector lender Yes Bank has reported a net profit amounting to Rs. 140 crore for the last quarter of the fiscal ended on 31st March 2010. This is a 75% rise as compared to the Rs. 80.1 crore for the same period last year.
This has been the highest net profit locked by the bank since the time it was incorporated in 2004. The growth in bottomline (net profits) can be accounted due to the rise in the advances which brought about an increase in the net interest income (NII).
The advances of the bank showed a growth by nearly 79% to Rs. 22, 193 crore in the year ended 31st March 2010 while NII grew to Rs 788 crore. NII during the quarter showed a 63 per cent growth to Rs 244 crore.
Rana Kapoor, the founder, managing director and CEO of Yes Bank, said, "The bank has delivered a robust financial performance with a sustainable net interest income and exceptional credit growth. Over the last 22 quarters, we have substantially built our corporate and branch banking businesses through concerted efforts with a strong demonstration of knowledge banking and relationship management competencies.''
He said that the bank would be expanding operations across commercial banking, retail, small and medium enterprises and also through deposits so as to acquire a balance sheet of the size of Rs. Rs 1,50,000 crore and a pan-India network of 750 branches with a human capital base of 12,000 by 2015.
He also said that the bank has plans to raise capital worth Rs. 1,500 crore from domestic market this fiscal.
"We are well-endowed with capital as on March 2010 but we do have a headroom to raise around Rs 1,500 crore of hybrid capital in both our tier II and tier I structure," he said.