Yes bank today
registered 28.1 percent rise in its standalone net profit at Rs 551 crore for
the fourth quarter ended March 2015 on higher interest income and healthy
growth in advances and deposits.
Net profit grew by 28.1 percent
year-on-year to Rs 551 crore from Rs 430.2 crore in same quarters last year,
driven by strong other income and net interest income.Net interest income climbed 35.8 percent on yearly
basis to Rs 977 crore and other income (non-interest income) jumped 32.5
percent to Rs 590.44 crore in the quarter ended March 2015.
Mr Rana Kapoor managing directors and CEO, YES
Bank said that,The bank posted robust growth in advances and deposits while
gradually increasing diversification and granularity as reflected in higher
contribution from retail/SME advances and CASA deposits.
Total income has
increased from Rs 3,013.57 crore for the quarter ended March 31, 2014 to Rs
3,678.83 crore for the quarter ended March 31, 2015, it added. The bottom line was also boosted by operating
profit that surged 37.8 percent to Rs 937.50 crore in March quarter compared to
Rs 680.44 crore in the year-ago period. However, operating expenses were up 30
percent to Rs 630.01 crore and tax expenses jumped by whopping 46.2 percent to
Rs 260.15 crore during the same period.
Net interest margin remained unchanged at 3.2
percent on sequential basis but year-on-year increased from 3 percent.Provisions for bad loans, however, shot up 74.8
percent year-on-year (up 80.6 percent quarter-on-quarter) to Rs 126.4 crore
with provision coverage ratio as on March 31 at 72 percent.
The year-on-year increase in provision was
driven by step up in the excess standard provision to the extent of Rs 50.7
crore in Q4FY15. The bank, thus, continued to maintain this provisioning of 0.5
percent of advances despite robust growth.
Asset quality weakened a bit on year-on-year
basis but the same was stable on sequential basis. Gross non-performing assets
(NPA) as a percentage of gross assets declined to
0.41 percent in January-March quarter from 0.42 percent in the corresponding
quarter last year. Net NPA rose (up 7 bps Y-o-Y) sequentially to 0.12 percent
from 0.10 percent.
In absolute term, gross NPA jumped 79.2 percent
Y-o-Y (up 12.5 percent Q-o-Q) to Rs 313.4 crore and net NPA climbed 236.4
percent Y-o-Y (up 36 percent sequentially) to Rs 87.7 crore in March quarter.The bank said total restructured advances stood
at Rs 382 crore as on March 31, which represented 0.5 percent of the gross
advances.
Total advances grew by 35.8 percent to Rs
75,549.8 crore and deposits increased by 22.9 percent to Rs 91,175.8 as on
March 31, 2015.
For the year 2014-15, net profit climbed by 24
percent to Rs 2,005.4 crore and net interest income jumped 28.4 percent to Rs
3,487.8 crore with net interest margin at 3.2 percent compared to 2.9 percent
in previous year.
Meanwhile, the board members of the private
sector lender has approved a capital raising plan of upto USD 1 billion
(subject to shareholder approval) by way of QIP or any other international
offering such as ADR/GDR or any other appropriate mode as deemed suitable.
During the quarter ended March 2015, the bank
already raised Rs 2,942.07 crore by issuing 5.34 crore equity shares to
qualified institutional placement at Rs 550 apiece. The bank has also received
board approval to raise Rs 10,000 crore of infrastructure bonds/tier I/tier II
bonds to enable stable funding cost.
Yes Bank has recommended the payment of final
dividend at Rs 9 per equity share.
