Analysts were expecting Yes bank to report losses in its quarterly results for the quarter ended on December 2021 but the company reported a 77% YoY growth in net profit to stand at Rs 266 crores. However, its provisions saw a sharp decline of 82.1% YoY as the figures for the quarter were Rs 375 crores against Rs 2,089 crores in the quarter last year.
The bank reported a 31% YoY drop in Net Interest Income (NII) at Rs 1,764 crores. Its Net Interest Margin came down to 2.4% for the quarter as opposed to 3.4% for the corresponding quarter last year. Cost of Funds for the bank came down to 5.1% against 6.1% for the same period last year. However, its Gross Non-Performing Asset (GNPA) Ratio improved to 14.7% and its NPA conversion rate stood at 79.3%.
Its CASA ratio came in at 30.4% as it reported over 1 lakh CASA accounts opened in December only. It opened 22 new branches and increased its headcount by 1,065. However, its total income for the quarter fell to Rs 5,632.03 crores as compared to Rs 6,408.53 crores for the corresponding quarter last year.
Highlight by Aman Agarwal.