Private Lender Yes Bank on Thursday posted a 29 percent in fourth-quarter profit owing to higher interest income.
Net profit increased at Rs 1179.40 crore, higher than Rs 914 crore in the corresponding quarter last year.
Analysts on an average estimated profit at Rs 1099 crore, according to Reuters data.
The company made Rs 399.60 crore worth of provisions for the March quarter, which were 29 percent higher than Rs 209.70 crore it made in the year-ago quarter.
Interest Income too rose 31.4 percent y-o-y to RS 2154.20 crore while non-interest income grew 13 percent to Rs 1421 crore, the lender said.
Net Interest Margin for the quarter came in at 3.4 percent, down from 3.6 percent in the year-ago period.
On yearly basis, the net profit (consolidated) of the bank was up 26.7 percent to Rs 4,233.22 crore in 2017-18 as against Rs 3,339.89 crore in 2016-17. Total income during the year grew to Rs 25,561.75 crore from Rs 20,642.80 crore in 2016-17.
The lender said its gross non-performing assets (NPAs) fell to 1.28 percent of total advances as of March 31, from 1.72 percent at the end of 2017. Net NPA for the quarter came in at 0.64 percent compared with 0.93 percent in the December quarter.
“As we step into the 4th year of this current 5 years large bank growth phase, we remain well positioned to deliver on growth & earnings while preserving asset quality, and continuing to invest in digital and technology initiatives towards making YES Bank a cutting-edge Digital home country Indian Bank,” said Rana Kapoor, Managing Director & CEO of YES Bank.
Yes Bank shares closed up 8.26 percent at Rs 352.05 on BSE.