Yes Bank Q1 net profit soars 47% to ₹502 crore, NII up 12%

Yes Bank's net profit in the first quarter of fiscal year 2024-25 (Q1FY25) soared 47% year-on-year (YoY) to ₹502.4 crore, as per the standalone results declared by the private lender on Saturday, July 20.

The net interest income (NII) jumped 12.2% YoY to ₹2,244 crore in the June 2024 quarter, as compared to ₹1,999.6 crore in the year-ago period.

“The bank has started the financial year on a strong footing," Yes Bank MD & CEO Prashant Kumar said. The lender is effectively executing its strategic objectives of sustained momentum in SME and mid-corporate segments, resumption of growth in corporate segment and calibration in retail assets with focus on profitability," he added.

Asset quality improves

Yes Bank's asset quality improved during the first quarter, with the non performing assets (NPA) reducing sequentially.

The gross NPA in the April-June period stood at ₹3,845 crore, which is lower as compared to ₹3,982.6 crore in the January-March period.

The net NPA slipped to ₹1,246 crore in Q1FY25 from ₹1,330 crore in Q4FY24, according to the financial numbers shared by Yes Bank in a regulatory filing.

The gross NPA ratio stood at 1.7% as of June 30, 2024, which is same as the preceding quarter, and lower as compared to 2% as of June 30, 2023, the bank added in a release.

Meanwhile, the net NPA ratio improved to 0.5% during the quarter under review, as against 0.6% in the last quarter and 1% in the year-ago period.

On Friday, Yes Bank's shares last traded at ₹24.77 apiece on the NSE, which was down 3.81%.