Yes Bank Q1 FY23 Results: Leading private sector lender Yes Bank on Saturday, July 23, reported 50 per cent year-on-year jump in profit after tax at Rs 310.63 crore during the quarter ended June 30, 2022, as compared to Rs 206.8 crore in Q1 FY22. The net interest income of Yes Bank grew by 31.9 per cent year-on-year to Rs 1,850.2 crore in Q1 FY23, as compared to Rs 1,402.2 crore during the same period last year. On a quarterly basis, Yes Bank registered a 2 per cent jump in its NII, the lender said in an exchange filing on Saturday.
The non-interest Income for Q1 FY23 was reported at Rs 781 crore. Non-Interest Income adjusted for unrealised and realised gain on investments for Q1 FY23 grew 35 per cent YoY. The Net Interest Margin for the April to June 2022 quarter was standing at 2.4 per cent, which is up by almost 30 bps on a year-on-year basis.
The asset quality of Yes Bank did better this quarter as gross non performing assets ratio stood at 13.4 per cent in Q1 FY23, as compared to 15.6 per cent in Q1 FY22 and 13.9 per cent in Q4 FY22. The net non-performing assets ratio also improved from 5.8 per cent in Q1 last year and 4.5 per cent in Q4 of the same year, to 4.2 per cent in the quarter ended June 30, 2022.
Yes Bank said it made provisions of Rs 175 crore for the financial quarter, which were down by 62 per cent and 36 per cent on a YoY and QoQ basis respectively, aided by lower slippages. The slippages stood at Rs 1,072 crore during the April to June quarter this financial year, as compared with Rs 2,233 crore during the same quarter last year.
Commenting on the results and financial performance, Yes Bank chief executive officer and MD Prashant Kumar, said, “Q1FY23 has been a stable quarter with progress across fresh disbursements momentum, improving granularization of assets, steady profitability and consistently improving Asset Quality metrics. The Balance Sheet is now resilient to navigate the volatile Interest Rate environment, and the Bank remains on track to achieve the FY23 as well as medium term guidance and objectives.”
Yes Bank also said that it has come out of the Reconstruction Scheme with the formation of an alternate board effective July 15, 2022, pursuant to shareholders’ approval. The new board has recommended the appointment of Prashant Kumar as MD and CEO for three years, subject to the approval of the Reserve Bank of India and shareholders, said Yes Bank in the filing.
Yes Bank also signed a binding term sheet with partner JC Flowers to form an ARC with the objective of sale of an identified pool of nearly Rs 48,000 crore of stressed assets
“More importantly, during the quarter, the Bank has successfully come out of the Reconstruction Scheme with formation of the alternate Board. In addition, term sheet has been signed for sale of identified pool of stressed assets to the ARC. Successful sale of stressed Assets will be the largest such deal in India and a significant milestone in the Bank’s new journey,” Kumar said.
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