Yes Bank reports profit of Rs 367 crore in March quarter of 2021-22
Mumbai:
Yes Bank on Saturday reported a net profit of Rs 367 crore for the March 2022 quarter, led by a sharp cut in provisions for bad loans, which the private sector lender had to set aside as it took the strain of legacy in the year-ago period. was recognized.
Financial year 2021-22 is the first full-year profit after 2018-19, Yes Bank said in a regulatory filing.
The city-headquartered bank ended 2021-22 with a profit after tax of Rs 1,066 crore. Three years ago the SBI-led consortium had granted bail to the lender.
The bank’s core net interest income for the March quarter stood at Rs 1,819 crore, an increase of 84 per cent over the year-ago period. Net interest margin rose to 2.5 per cent, while it registered a credit growth of 8 per cent.
Non-interest income grew 27.9 per cent to Rs 882 crore during the quarter.
The position of sour assets, which was a major reason for reporting losses for the last two financial years, also showed improvement during the quarter under review, with the gross non-performing assets ratio improving to 13.9 per cent as compared to the year-ago period. 15.7 percent.
Its chief executive and managing director Prashant Kumar told reporters that it will continue to work on asset quality in the new financial year as well and is targeting recovery and upgradation of over Rs 5,000 crore in 2022-23.
Mr Kumar said the work of commissioning the previously announced asset reconstruction company to hold all old bad assets worth over Rs 50,000 crore is at an advanced stage and the bank is in talks with potential partners to operate the venture by the end of June. Used to be.
It is targeting credit growth of 15 per cent, which will include a 10 per cent expansion in the large corporate book in 2021-22 due to the de-risking strategy adopted by the bank and de-leveraging by companies. They said.