Yes Bank Q3FY23 net profit crashes by 81% to Rs 52cr
Yes Bank has reported a net profit of INR 52 crores for the third quarter of the fiscal year 2023 (Q3FY23), which represents a decline of 80.7% compared to INR 266 crores in the same quarter of the previous fiscal year (Q3FY22)
In the previous quarter, that is Q2FY23, the Indian private sector bank had a net profit of INR 153 crores.
The basic earnings per share (EPS) for Q3FY23 was INR 0.02, which is a decrease of 81.2% compared to INR 0.1 in Q3FY22.
The total income of Yes Bank in Q3FY23 ended 31 December 2022 was INR 3,114 crores, an increase of 24.7% compared to INR 2,498 crores in Q3FY22. In Q2FY23, the bank’s total income stood at INR 2,911 crores.
During the reported quarter, Yes Bank said that it completed a capital raise of around INR 8,900 crores. According to this, the bank received equity Investments of INR 5,093 crores and INR 948 crores towards Warrants application.
Prashant Kumar — Yes Bank MD and CEO, commenting on Yes Bank Q3FY23 results, said: “During the quarter, the Bank successfully closed two deals which are strategic and transformational in this new journey of the Bank. The successful Capital Raise has aided in significant expansion in our Capital Base, and post full consummation, our CETI Ratio will reach an extremely comfortable level.
“Moreover, with successful transfer of stressed Assets to the JC Flowers ARC, the GNPA and NNPA Ratios have now declined to 2% and 1% respectively which is the lowest since Q3FY19. At the same time, the operational momentum of the Bank continues with further step-up in Disbursements across segments and highest Operating Profit in the last eight quarters.”
Recently, Yes Bank disposed of a pool of nonperforming assets (NPAs) having a principal balance of INR 480 billion to J.C. Flowers Asset Reconstruction Company.