Yes Bank reports 30% rise in net profit in Q4FY17 on y-o-y basis

Yes Bank on Wednesday announced its financial result for the quarter ended on March 31. The bank reported a net profit of Rs 914.1 crore in Q4FY17, a rise of 3.5% as against Rs 882.60 crore during the previous quarter on Q3FY17. The net profit jumped by 30.2% from Q4FY16 and the overall net profit in the financial year rose by 31.1% to Rs 3330.1 crore.

The bank's total net income in Q4FY17 stood at Rs 2897.1 crore registering a rise of 41.7% on year-on-year basis. The total income increased by 36.8% in FY17 to Rs 9954.1 crore. 

As on March 31, 2017, the gross non performing advances (GNPA) was at 1.52% or 2,018.6 crore and net non performing assets (NNPA) at 0.81% or 1,072.3 crore.

"The increase in NPA and consequent provision is in conformity with the divergences observed by the RBI as per its compliance process referred to in the RBI circular dated April 18, 2017 on ‘Disclosure in the Notes to Accounts to the Financial Statements – Divergence in Asset Classification and Provisioning’," the bank said.

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As per the regulatory filing, this includes one borrower with gross exposure of 0.69% of Gross Advances (Rs 911.5 Crores) and net exposure of 0.52% (Rs 683.6 Crores) of Net Advances which is expected to be recovered in near term. Specific provision held in this account is Rs 227.9 Crores.

After duly taking into account provision impact of the divergences, the Bank’s Credit Cost is at 53 bps for FY17 and 19 bps for Q4FY17.

Commenting on the results and financial performance, Rana Kapoor, Managing Director & CEO, YES BANK said, “YES BANK’s completion of 12.5 years (50 quarters) of operations is marked by achieving significant milestones of 1,000 branches, 20,000+ employees, CASA ratio crossing 36%, IBU Total Assets (at Gift City) crossing USD 1 Billion, successful completion of India’s Largest Private Sector INR QIP of Rs 4,906.65 Crores (USD 750 Million) and Rs 3,000 Crores of Basel III complaint AT1 bond issue, rated AA by CARE, ICRA and India Ratings. Further, the Bank continued delivering sustained financial performance through robust growth in earnings and expanding NIMs despite challenging operating environment."

The net interest income stood at Rs 1639.7 crore in Q4FY17, a growth of 32.1% on y-o-y basis, For FY17, NII increased by 26.9% to Rs 5,797.3 Crores on back of growth in Advances & CASA and expansion in NIM. The net interest margin expanded to 3.6% for Q4FY17 from 3.5% in Q3FY17. NIM stands at 3.4% for FY17.