New Delhi, India (TEH) – Yes Bank, a prominent player in India’s private sector, has released its first-quarter financial results for the fiscal year 2023-24, marking an impressive 10% annual profit increase. The financial institution reported a net profit of INR 343 crore for the period April to June 2023, a substantial hike from the INR 311 crore net profit declared for the same period in the previous fiscal year.
On Saturday, the bank conveyed its robust financial standing to the stock market. It declared an annual profit increase of 10% that saw its earnings swell to INR 343 crore in Q1 of the current fiscal year. This significant rise in profits is in stark contrast to the INR 311 crore net profit reported in the June quarter of the preceding fiscal year. Accompanying this profitable tidings was an announcement of a marked decrease in bad loans, heralding a strong recovery period for the banking institution.
Under the aegis of the State Bank of India (SBI), Yes Bank revealed an escalation in its total income for Q1 of the current fiscal year to INR 7,584 crore. This demonstrates a substantial increment from the INR 5,876 crore total income reported in the corresponding quarter of the previous fiscal year. Over this period, the bank’s interest income burgeoned to INR 6,443 crore, a significant leap from the INR 5,135 crore recorded in the Q1 of fiscal year 2022-23.
In light of these developments, Yes Bank’s Chief Executive Officer (CEO) and Managing Director (MD), Prashant Kumar, expressed his satisfaction at the bank’s upward trajectory. He reported that the bank’s profitability saw a sequential jump of 69.2%. Equally notable was the significant decrease in gross non-performing assets (NPAs). They reduced from a high of 13.4% last year to a much more manageable 2% of gross advances during the June quarter of this year. Net NPA followed a similar trend, with a sharp fall from 4.2% in June 2022 to a modest 1% in the current period.
These robust figures from Yes Bank, indicating a sustained recovery from past challenges, provide a beacon of hope for the banking sector, demonstrating the resilience of India’s financial institutions in the face of adversity. The bank’s impressive performance in reducing its bad loans and maintaining a consistent growth in profits signals a positive trend for India’s banking sector in the current fiscal year.
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