NEWS & ADVICE : SAVINGS ACCOUNTS
Yes Bank net increases by 33% in Q4 on rise of interest income
By Neelima Shankar
Apr 18, 2013
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The private sector lender, YES Bank posted a 33 per cent rise in net profit at Rs 362 crore in the fourth quarter which ended on March, 2013 due to robust interest income and loan growth.

The mid-sized private sector lender had recorded a net profit of Rs 272 crore in the year-ago period.

Net interest income increased 42 per cent to Rs 638 crore on the back of healthy growth in customer assets and net interest margins (NIM).

Mr. Rana Kapoor, Managing Director and CEO of Yes bank said, "There is a strong platform for interest rates to come down and we will see further reduction in cost of funds. We expect NIM to increase by 15-20 basis points in FY 2014."

As on March 31, 2013, total advances grew 24 per cent to Rs 47,000 crore, while deposits rose 36 per cent to Rs 66,956 crore.

Gross non-performing assets declined to 0.20 per cent (from 0.22 per cent), while sequentially it increased from 0.17 per cent in Q3 FY13.

"We plan to de-risk high risk sectors such as power and select infrastructure segments in the year ahead with the challenging economy and negative global environment. This can help us achieve credit growth at 24-25 per cent," Mr. Kapoor said.


 


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