Yes Bank's Profit Soars by 59% Amid Non-Core Income Growth

Yes Bank reported a remarkable 59% increase in net profit for the June quarter, reaching Rs 801 crore. The growth is attributed to non-core income and a significant rise in Treasury income. Despite a cautious approach to retail credit growth, the bank maintains confidence in its broad advances target.

Yes Bank has announced a substantial 59% increase in its net profit for the June quarter, reaching Rs 801 crore. Key contributors to this growth include a rise in non-core income and an upswing in Treasury income.

The bank's core net interest income rose by 5.7% to Rs 2,371 crore, propelled by a 5% increase in advances and an enhancement in the net interest margin by 0.10%. Other income surged by 46% to Rs 1,752 crore, significantly impacting profit growth.

Despite a cautious stance on retail credit, the bank's leadership remains optimistic about advancing growth throughout the year, reinforced by a robust capital adequacy ratio of 16.2%. Discussions are ongoing regarding a 20% stake acquisition by Sumitomo Mitsui Corporation Bank.

(With inputs from agencies.)