Yes Bank Q2 Result: Due to increase in provision from 377 cr to 583 crore in the second quarter of the current financial year, Yes Bank reported a 32.20 per cent decline in net profit on a yoy-on-Yo-basis, despite a 31.7 per cent growth in net interest income (NIM).
In Q2FY23 results, Yes Bank reports decline in net profit Q1FY23 to . 311 crore in 153 crore in Q2FY23, a decline of 50.80 per cent on a quarter-on-quarter (QoQ) basis. However, on a year-on-year basis, Yes Bank’s net profit has come down Q2FY22 to . 225 crore in 153 crore in the recently ended September 2022 quarter, reporting a YoY decline of 32.20 per cent.
The private lender has claimed that the decline in the bank’s net profit is due to an increase in provisioning. As per the unaudited results of Yes Bank available on BSE website, the provision for Q2FY23 is 583 crore against 377 crore in Q2FY22, up about 54.40 per cent on YoY basis. However, there was a provision of Yes Bank in Q1FY22 175 crore, which means the private lender has increased its provisioning by 233.60 per cent on a QoQ-basis.
In Q2FY23, Yes Bank has reported net income 2,911 crore which was 2,632 crore in Q1Fy23 and on 2,290 crore in Q2FY22. This means the private bank has been able to register a 10.6 per cent QoQ growth in its net income during the July to September 2022 quarter. On a year-on-year basis, the private lender has logged 27.10 per cent in net income.
Yes Bank’s net interest income (NII) in the recently ended September 2022 quarter is 1,991 crore which was 1,850 crore in Q1FY23 and on 1,512 crore in Q2FY22. Therefore, the private lender has reported 7.60 per cent QoQ growth and 31.70 per cent year-on-year growth in NII during the period July to September 2022.
The private lender has also reported improvement in its assets. In Q2FY22, the net worth of Yes Bank is 3,34,496 crore which was 3,18,475 crore in Q1FY23 while it was 2,88,523 crore in Q2FY22. Hence, Yes Bank has reported a 5 per cent improvement in its assets on a QoQ-basis and 15.90 per cent on a YoY-basis.
In the second quarter of the current financial year, the NIM (net interest margin) of Yes Bank stands at 2.60 per cent which was at 2.40 per cent in Q1FY23 and 2.20 per cent in Q2FY22.
Yes Bank share price was up 1.25 per cent on Friday 16.15 each on NSE.
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