Yes Bank Q1 profit plunges 60 pc to Rs 45 crore, total provisions pegged at Rs 1,087 crore

Yes Bank on Tuesday reported 60 per cent dip in its net profit at Rs 45 crore for the quarter ended June 30 as compared to Rs 114 crore in the corresponding quarter of last year.

Yes Bank on Tuesday reported 60 per cent dip in its net profit at Rs 45 crore for the quarter ended June 30 as compared to Rs 114 crore in the corresponding quarter of last year. Net interest income declined by 16 per cent to Rs 1,908 crore in Q1 FY21 against Rs 2,281 crore in Q1 FY20, the bank said in a statement.

Gross non-performing assets (NPAs) now stand at 17.3 per cent against 16.8 per cent quarter-on-quarter while net NPAs are at 4.96 per cent against 5.03 per cent. Total provisions for Q1 FY21 stood at Rs 1,087 crore consisting of Rs 642 crore of Covid-related provisioning. The lender had made provisions of Rs 1,784 crore in the same quarter last year.

The lender said deposits grew 11 per cent at Rs 1.17 lakh crore grew quarter-on-quarter aided by 26.4 per cent growth in current account deposits and 12.6 per cent growth in term deposits. Net advances stood at Rs 1.64 lakh crore, down 4 per cent quarter-on-quarter while retail advances stood at 23.4 per cent of advances.

Earnings per share of the company dropped substantially from Re 0.49 to Re 0.04 year-on-year. (ANI)

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