Yes Bank net profit declines 60% to Rs 45 cr in April-June quarter

YES Bank on Tuesday reported 60 per cent fall in its standalone net profit to Rs 45.44 crore for the first quarter ended June 30.

The private sector lender had posted a net profit of Rs 113.76 crore in the same quarter previous fiscal.

Total income (standalone) for the April-June quarter of 2020-21 fell by 32.8 per cent to Rs 6,106.74 crore, from Rs 9,088.80 crore in same period of 2019-20, YES Bank said in a regulatory filing.

Interest income was down at Rs 5,486.08 crore for the quarter, compared to Rs 7,816.14 crore a year ago.

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The bank’s provisions for bad loans and contingencies for the quarter fell to Rs 1,086.61 crore from Rs 1,784.11 crore in the year-ago period.

On consolidated basis, the bank’s net profit in June quarter fell to Rs 34.05 crore from Rs 95.56 crore a year ago. Income also declined to Rs 6,122.62 crore from Rs 9,105.79 crore.

There was substantial deterioration in the bank’s asset quality as the gross non-performing assets (NPAs) rose to 17.30 per cent of the gross advances as on June 30, 2020, from 5.01 per cent a year ago. It was 16.80 per cent at the March-end, 2020.

Net NPAs stood at 4.96 per cent, higher than 2.9 per cent a year ago.

YES Bank stock closed 3.25 per cent down at Rs 11.90 apiece on the BSE.