Yes Bank Q2 FY24 financial highlights: Net profit jumps by 47.4% Y-o-Y

Yes Bank, a prominent Indian full-service commercial bank, has released its un-audited standalone and consolidated financial results for the quarter and half-year ending September 30, 2023.

Topline Takeaways

• Net Profit for the second quarter of the fiscal year 2024 stood at INR 225 Cr, marking an impressive 47.4% growth year-over-year.
• Non-Interest Income witnessed an upsurge of 38.4% Y-o-Y, reaching INR 1,210 Cr.
• Provision Costs (excluding tax) have decreased by 14.1% Y-o-Y.
• Balance Sheet Granularity maintained strong momentum with advances growing 11.2% Y-o-Y when adjusted for the ARC transaction.

Growth in Different Segments

• Retail Advances surpassed INR 1 Lakh Crore this quarter, a rise of 27.2% Y-o-Y.
• SME Advances exceeded INR 30,000 Cr, reflecting a 25.0% Y-o-Y growth.
• Deposits grew by 17.2% Y-o-Y and 6.8% Q-o-Q, with the CASA Ratio remaining steady at 29.4%.

Asset Quality Sees All-Around Improvement

• The GNPA ratio is now at 2.0%, a significant drop from 12.9% in Q2 FY23.
• The NNPA ratio is lower at 0.9% compared to 3.6% the previous year.

Words from the Leadership

Prashant Kumar, Managing Director & CEO of Yes Bank, commented on the results, “The Bank’s Q2 FY24 performance is a testament to the strength of the core franchise… the Bank has managed to deliver Yo-Y expansion in both operating profitability and net profitability…”

Detailed Financial Outcomes

Profit and Loss Highlights

• NII for Q2 FY24 was recorded at INR 1,925 Cr, a 3.3% decline Y-o-Y.
• Operating Expenses for Q2 FY24 rose by 12.5% Y-o-Y.

Balance Sheet Growth

Net Advances registered a growth of 8.7% Y-o-Y, and the total Balance Sheet saw a 9.2% Y-o-Y growth.

Asset Quality

Gross Slippages for Q2 FY24 were at INR 1,199 Cr, with a consistent resolution momentum.