Yes Bank, a private sector lender, on Thursday reported a growth of 26.5% in its second quarter net profit. The bank earned a profit of Rs 6.10 billion for the quarter ended Sept. 30, 2015. Market was expecting profit to come at Rs 5.93 billion.
The bank's quarterly income totaled at Rs 39.95 billion, an increase of 19.69% over Rs 33.37 billion in the same period a year ago.
Net Interest Income (NII) for Q2FY16 increased by 29.4% y-o-y to Rs 11.08 billion on account of strong growth in advances and retail & Current and Savings Account (CASA) deposits.
Non Interest Income increased by 22.2% y-o-y to Rs 6.18 billion in Q2FY16. Operating profit for Q2FY16 increased by 24.7% to Rs 10.19 billion.
Rana Kapoor, managing director & CEO, YES BANK said, ''YES Bank has delivered another consistent quarter of sustained financial performance reflected by healthy growth in Net Profit of 26.5% and driven by steady increase in NII and stable asset quality.'
'Further, the bank continues to build granularity in deposits demonstrated by Retail & CASA deposits contribution of 52.5% as on September 30, 2015 on the back of healthy SA deposits growth and with CASA crossing 25% for the first time since inception of the Bank 11 years ago,' he added.
The total advances grew by 29.0% to Rs 800.15 billion as at September 30, 2015. Corporate Banking accounted for 68.2% of the advances portfolio while retail & business banking constituted 31.8%.
The total deposits grew by 24.0% to Rs 993.44 billion as at September 30, 2015. The bank's balance sheet grew by 24.6% to Rs 1,447.83 billion as at September 30, 2015. The bank's CD ratio stood at 80.5% as at September 30, 2015.
The CASA deposits grew by 40.5% y-o-y to Rs 253.18 billion taking the CASA ratio to 25.5% as at September 30, 2015 up from 22.5% as at September 30, 2014. Also, SA deposits grew by 61.7% to Rs 167.64 billion from Rs 103.67 billion as at September 30, 2014.
As per basel III, Tier I capital of Rs 127.02 billion stood at 10.9%, and total CRAR stood at 14.9% as at September 30, 2015. The total capital funds stood at Rs 174.55 billion as at September 30, 2015.
During Q2FY16, the bank maintained monthly average liquidity coverage ratio of 83.6%, above the regulatory requirement of 60% indicating a healthy liquidity position.
