New Delhi, 22 July (Hindustan Times). Private sector Yes Bank has announced the results of the first quarter (April-June) of the financial year 2023-24. Yes Bank’s profit in the June quarter stood at Rs 343 crore, up 10 per cent year-on-year. This had resulted in a net profit of Rs 311 crore to the bank in the same period of the previous financial year.
Yes Bank told the stock market on Saturday that its profit in the first quarter of the current financial year has increased by 10 percent to Rs 343 crore, while the bank had a net profit of Rs 311 crore in the June quarter of the previous financial year. The bank said that there has been a huge reduction in its bad loans.
State Bank of India (SBI) controlled Yes Bank said that its total income in the first quarter of the current financial year has increased to Rs 7,584 crore, as against Rs 5,876 crore in the same quarter of the previous financial year. During this period, the bank’s interest income increased to Rs 6,443 crore, compared to Rs 5,135 crore in the April-June 2022 quarter.
Yes Bank Chief Executive Officer (CEO) and Managing Director (MD) Prashant Kumar said that the bank has increased its profitability by about 69.2 per cent sequentially. Similarly, gross non-performing assets (NPAs) declined to 2 per cent of gross advances during the June quarter from 13.4 per cent last year. Similarly, the net NPA has come down from 4.2 per cent in June 2022 to one per cent now.
