The bank's provisions for bad loans and contingencies for the quarter fell to Rs 1,086.61 crore from Rs 1,784.11 crore in the year-ago period.

Yes Bank branch in Chennai
Money Banking Wednesday, July 29, 2020 - 11:35

Private sector lender Yes Bank reported 60% fall in its standalone net profit to Rs 45.44 crore for the first quarter ended June 30. The private sector lender had posted a net profit of Rs 113.76 crore in the same quarter previous fiscal. Total income (standalone) for the April-June quarter of 2020-21 fell by 32.8 per cent to Rs 6,106.74 crore, from Rs 9,088.80 crore in same period of 2019-20, Yes Bank said in a regulatory filing.

Interest income was down at Rs 5,486.08 crore for the quarter, compared to Rs 7,816.14 crore a year ago.

The bank's provisions for bad loans and contingencies for the quarter fell to Rs 1,086.61 crore from Rs 1,784.11 crore in the year-ago period.

On consolidated basis, the bank's net profit in June quarter fell to Rs 34.05 crore from Rs 95.56 crore a year ago.

Income also declined to Rs 6,122.62 crore from Rs 9,105.79 crore.

There was substantial deterioration in the bank's asset quality as the gross non-performing assets (NPAs) rose to 17.30 per cent of the gross advances as on June 30, 2020, from 5.01 per cent a year ago.

It was 16.80 per cent at the March-end, 2020. Net NPAs stood at 4.96 per cent, higher than 2.9 per cent a year ago.

The bank also said that Deposits at Rs 1,17,360 crore grew 11.4 per cent QoQ aided by 26.4 per cent QoQ growth in current account deposits and 12.6 per cent QoQ growth in term deposits. CASA ratio stood at 25.8 per cent in Q1FY21.

During the quarter, intensified client outreach resulted in win back of mandates and acceleration in customer acquisition. Yes Bank stock closed 3.25 per cent down at Rs 11.90 apiece on the BSE on Tuesday, while the stock was trading 1.82% up at of 11 28am on Wednesday on BSE.

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