Private-sector lender Yes Bank’s net profit declined by 32 per cent at Rs 153 crore in the second quarter ended September 2022 from Rs 225 crore in the year-ago period.
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This fall in profit was due to Rs 750 crore of non-performing asset (NPA) ageing related provision predominantly in two accounts.
Net interest income stood at Rs 1,991 crore, up 32 per cent, from Rs 1,512 crore in the same quarter of the previous fiscal.
Net interest margins (NIM) improved to 2.6 per cent from 2.2 per cent. Gross non-performing asset (GNPA) ratio reduced to 12.9 per cent from 15 per cent and net NPA declined to 3.6 per cent from 5.5 per cent.
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In the reporting quarter, slippages were lower at Rs 896 crore from Rs 1,072 crore. Recoveries and upgrades were at Rs 1,586 crore during the quarter. Provision coverage ratio improved to 83.5 per cent in Q2 FY23.
Advances increased by 11.3 per cent and deposits grew by 13 per cent.
The bank said its board and shareholders have approved a capital raise of nearly Rs 8,900 crore through preferential issue to two global private equity Investors- Carlyle and Advent International.
