Yes Bank Q1 results: Net profit jumps 10% YoY to Rs 342.5 crore, NPAs fall

🔸Published: 22 Jul 2023 04:22 PM

🔸Updated: 10 Jun 2025 04:49 PM

Yes Bank's Q1 performance showed promising signs, with a 10.26% YoY rise in net profit to Rs 342.5 crore. Notably, the bank's asset quality improved, as gross non-performing assets (GNPAs) decreased to 2% from 13.4% in the previous year. These positive results are indicative of the bank's strategic efforts to enhance profitability and manage costs effectively. With a healthy net interest margin and strong growth in non-interest income, Yes Bank seems to be on a positive trajectory for the future.

Private sector lender Yes Bank has reported a robust performance in the first quarter of the current financial year, with a year-on-year (YoY) rise of 10.26 per cent in net profit, reaching Rs 342.5 crore. This is compared to Rs 314.3 crore in the year-ago period.

One of the most significant improvements for the bank was seen in its asset quality. Yes, the Bank's gross non-performing assets (GNPAs) decreased substantially, standing at 2 per cent in Q1FY24 compared with 13.4 per cent in the corresponding quarter of the previous fiscal. The net non-performing assets (NNPA) for the quarter were also positively impacted, reducing to 1 per cent from 4.2 per cent in the year-ago quarter.

Prashant Kumar, the Managing Director, and CEO of Yes Bank expressed his satisfaction with the bank's performance during Q1FY24. He highlighted the significant progress made in line with their strategic objectives. The bank achieved growth in fee income while effectively managing operating and credit costs. Kumar emphasized the bank's focus on improving profitability, and highlighted key areas such as NIMs and CASA ratio enhancement, reducing legacy PSL requirements, and expanding cross-sell and product penetration.

During the June quarter, the bank's net interest margin (NIM) increased to 2.5 per cent, showing a growth of nearly 10 basis points YoY. Additionally, the non-interest income (NII) surged to Rs 1,141 crore, recording a YoY growth of 54 per cent and 13.7 per cent QoQ.

Yes Bank's gross slippages for Q1FY24 stood at Rs 1,430 crore, compared to Rs 1,072 crore in the same period in the last financial year and Rs 1,196 crore in Q4FY23.

The bank's total deposits also witnessed positive growth. The total deposits for the quarter amounted to Rs 219,369 crore, marking a YoY increase of 13.5 per cent and a QoQ increase of 0.9 per cent. The CASA ratio (ratio of deposits in current and savings accounts to total deposits) was reported at 29.4 per cent, compared to 30.8 per cent in both Q1FY23 and Q4FY23. Yes Bank also opened 3,55,000 new CASA accounts in Q1FY24, further contributing to its growth. The retail and small business deposits (gross LCR definition) exhibited robust growth of 17.9 per cent YoY.

Overall, Yes Bank's Q1FY24 results reflect positive momentum and demonstrate the bank's commitment to enhancing profitability while addressing its asset quality. The bank's strategic focus on various key aspects is expected to pave the way for continued growth in the coming quarters.

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