YES Bank Q3 profit declines 7% YoY to Rs 1,002 crore, gross NPAs jump to 2.1%

NEW DELHI: YES Bank on Thursday reported a 6.96 per cent year-on-year (YoY) drop in net profit at Rs 1,001.85 crore for the December quarter, which was lower than Rs 1,078 crore profit estimated by analysts in an ET Now poll.

The private lender had reported a profit of Rs 1,076.87 crore in the year-ago quarter.

Net interest income (NII), the difference between the interest income a bank earns from its lending activities and the interest it pays to depositors, rose 41.2 per cent YoY for the quarter to Rs 2,666.40 crore. It was up 10.3 per cent sequentially.


Net interest margin (NIM) came in at 3.3 per cent.

Gross NPA for the quarter rose to 2.10 per cent from 1.60 per cent in September quarter and 1.72 per cent in December quarter of last year.

Net provisions for the quarter rose to Rs 550.20 crore on account of Rs 570.80 crore of accelerated provisioning on exposure to a stressed Infrastructure conglomerate, the bank said.

The bank, meanwhile, Ravneet Singh Gill will succeed Rana Kapoor as its MD and CEO. In a statement, the private lender said it has received RBI approval for the same. Gill, who is CEO of Deutsche Bank’s India operations, will join the company on or before March 1, 2019. Following the report, the stock surged over 5 per cent in trade.

YES Bank had time till February 1 to announce a successor to Kapoor, whose term ends on January 31.

The bank sent its recommendation on the managing director and chief executive to the RBI after its board meeting on January 9. Gill and YES Bank’s executive director Rajat Monga were believed to be in the race for the top post.