YES Bank reported a net profit of Rs 467.29 crore in Q4 of FY24, an increase of 126.61% from the previous year of the same quarter. The company had reported a net profit of Rs 206.21 crore in Q4 of FY23.
Bank also highlighted that the net interest margin (NIM) for Q4 of FY24 is steady quarter-on-quarter (Q-o-Q) at 2.4%.
Meanwhile, the bank’s total income for Q4 of FY24 stood at Rs 9099.60 crore, against Rs 7273.17 crore in the preceding year of the same quarter, an increase of 25%.
Commenting on the results and financial performance, Prashant Kumar, Managing Director and CEO, YES BANK said, “This quarter demonstrates a significant step in the RoA expansion journey, with Q4FY24 RoA expanding to 0.5%. This is despite the one-off gains from tax refunds, SR recoveries and ARC Sale, being prudently utilised for strengthening the Asset Quality metrics- for instance, the NNPA + Net Carrying value of SRs have more than halved over the course of the year to 1.1% from 2.4% in FY23.”
Going by the segment wise results, the bank’s corporate banking did a business of Rs 2730.61 crore in Q4 of FY24 while the same for retail banking is Rs 3795.73 crore. In the same quarter of last year, the business of corporate and retail banking was Rs 2504.11 crore and Rs 3139.92 crore respectively. Thus, corporate banking witnessed a growth of 9% while retail banking’s business increased by 20%.
“We continue to witness strong momentum in our liability franchise with growth in Deposits expanding to over 20% Y-o-Y for the first time in the last 8 quarters. Importantly, despite the challenging environment during the course of the year, our CASA ratio has expanded 10 bps Y-o-Y to 30.9%. This quarter, the Bank continued to expand on its digital footprint with significant partnerships reflecting the inherent strength in the capabilities and technology infrastructure of the Bank. As the Bank embarks on the fifth year of this new journey, we remain focused on diligently executing the RoA expansion roadmap,” Kumar added.
