Mumbai: Yes Bank has reported a net profit of Rs 231 crore, four and a half times higher than Rs 52 crore in the same quarter last year.
increase in profits despite being less operating profit was due to a sharp decline in provisions Revenue rose from Rs 845 crore in Q3 last year to Rs 555 crore in Q3FY24.
Operating profit at Rs 864 crore was down 5.4% net interest income Net income grew only 2.3% year-on-year to Rs 2,017 crore, while non-interest income grew 12% to Rs 1,195 crore. Operating expenses rose 10% to Rs 2,347 crore.
The Supreme Court will on Monday hear a petition against the Bombay High Court order quashing Yes Bank’s decision to waive additional Tier 1 bonds worth Rs 8,415 crore. The write-down was part of the restructuring plan of Yes Bank notified by the government in 2000.
“We had a very good quarter. Our deposit growth, excluding certificates of deposit, was 15% year-on-year, which was higher than advance growth of 13.6%,” Yes Bank MD and CEO Prashant Kumar said.
He said the bank added around four lakh new current and savings accounts and 96% of savings accounts were opened digitally. The bank added 14 new branches in the last quarter, taking the total branch expansion to 50 during the current financial year.
increase in profits despite being less operating profit was due to a sharp decline in provisions Revenue rose from Rs 845 crore in Q3 last year to Rs 555 crore in Q3FY24.
Operating profit at Rs 864 crore was down 5.4% net interest income Net income grew only 2.3% year-on-year to Rs 2,017 crore, while non-interest income grew 12% to Rs 1,195 crore. Operating expenses rose 10% to Rs 2,347 crore.
The Supreme Court will on Monday hear a petition against the Bombay High Court order quashing Yes Bank’s decision to waive additional Tier 1 bonds worth Rs 8,415 crore. The write-down was part of the restructuring plan of Yes Bank notified by the government in 2000.
“We had a very good quarter. Our deposit growth, excluding certificates of deposit, was 15% year-on-year, which was higher than advance growth of 13.6%,” Yes Bank MD and CEO Prashant Kumar said.
He said the bank added around four lakh new current and savings accounts and 96% of savings accounts were opened digitally. The bank added 14 new branches in the last quarter, taking the total branch expansion to 50 during the current financial year.
