Yes Bank Q4 results: Net profit more than doubles YoY to ₹454 crore, NII up 2.3%

Private lender Yes Bank reported a net profit of ₹454 crore in the fourth quarter of financial year 2023-24 (Q4 FY24), which is more than double as compared to the year-ago period, a regulatory filing showed on April 27.

In the January-March period of FY23, the bank had reported a net profit of ₹202.4 crore.

The net interest income (NII) -- the difference between interest earned on loans and advances and interest paid on deposits -- climbed by 2.3% year-on-year (YoY) to ₹2,153 crore. In Q4 FY23, Yes Bank had clocked NII of ₹2,105 crore.

The net profit in Q4 FY24, at ₹454 crore, has surpassed the Street estimate of ₹427.2 crore, whereas, the NII growth of 2.3% has fell short of the estimate of 3%.

Yes Bank's asset quality improves

The gross non-performing assets (NPA) ratio improved to 1.7% in Q4 FY24, as against 2% in the preceding quarter.

The net NPA ratio also declined to 0.6% in the March 2024 quarter, as compared to 0.9% in the preceding three-month period.

In absolute terms, the gross NPA in fourth quarter stood at ₹3,982.6 crore, down from ₹4,457.4 crore in the third quarter.

The net NPA in Q4 FY24 came in at ₹1,329.7, marking a plunge as compared to ₹1,934.4 crore in Q3 FY24.

Ahead of the release of quarterly results, Yes Bank's shares settled at ₹26.15 on the NSE, up 0.7% as against the previous day's close. Year-to-date, the stock has rallied by 15%.