YES Bank’s net profit rises 10.3% in Q1, NII grows 8.1% to Rs 2,000 cr

YES Bank reported a smaller-than-expected increase in quarterly net profit on Saturday as it held more money for bad loans, mitigating the impact of higher net interest income.

The private lender’s standalone net profit rose 10.3 percent in the first quarter from April to June from the same period last year to 343 crore ($5.25 million), missing analysts’ average forecast of 380 crore, according to Refinitiv data.

Yes, the bank’s provisions and contingencies, after deducting recoveries from loan accounts written off as bad, more than doubled to Rs 360 crores from Rs 175 crores in the previous year.

Total non-performing assets (NPA) fell to 2 percent at the end of June from 2.20 percent at the end of March, while the net rate of net bad assets increased slightly to 1 percent from 0.80 percent.

Yes, a bank’s net interest income, which is the difference between interest earned on loans and paid to depositors, rose 8.1 per cent to around Rs 2,000 crore.

($1 = 81.9800 Indian Rupees)

(Reporting by Sidi Nyak; Editing by Robert Birsel)