Yes Bank (PSU Connect)
Yes Bank the private lender reports its profit at Rs 129.4 crore for September ended quarter 2020. Earlier a year-ago the bank bore a loss of Rs 600 crore.
Under the guidance of Mr. Prashant Kumar, Managing Director and CEO of the bank the quarter ended June 2020 reported Rs 45.44 crore profit. Also, the difference between interest earned and interest expended in net interest income (NII) declined 9.7 percent to Rs 1,973.4 crore, from Rs 2,186 crore in the corresponding period last fiscal. NII in June quarter was at Rs 1,908 crore.
According to Yes Bank net advances at Rs 1,66,923 crore grew 1.5 percent QoQ, with a strong pickup in retail disbursements at Rs 3,764 crore (up from Rs 424 crore last quarter). The deposits increased substantially 15.7 percent sequentially to Rs 1,35,815 crore, it added.
"Total step up in provisioning of Rs 1,600 crore consisted Rs 1,038 crore towards COVID-19 related provisioning and balance predominantly towards non-performing investments," Yes Bank mentioned.
Non-interest income fell 25.3 percent year-on-year to Rs 706.75 crore in the September quarter but grew by 13.9 percent sequentially as the strong bounce-back was seen across transactional and granular fee streams, the bank said in its BSE filing. Yes, Bank said the cost to income ratio at 49.3 percent was the lowest in the last 5 quarters.
Posted Date : 23-10-20
Categories : BANK NEWS