Yes Bank Q1 profit quadruples as NPA additions slow

Yes Bank Q1, Yes Bank shares, Yes Bank, covid 19, NPA

Mumbai

Yes Bank

‘s net profit quadrupled led by a sharp increase in other income and a fall in provisions as the pace of additions in non-performing assets (NPAs) slowed. Net profit increased to Rs 207 crore in the quarter ended June 2021, the highest since the quarter ended December 2018 from Rs 45 crore a year earlier and was in contrast with the Rs 678 crore loss predicted by a Bloomberg poll of analysts.

Profits were helped by a 70 per cent growth in non-interest income to Rs 1056 crore up from Rs 621 crore a year ago which included fees from retail and corporate banking, forex, debt capital markets and recoveries from written-off accounts.

Provisions fell 41 per cent year-on-year to Rs 644 crore from Rs 1087 crore, a year earlier as gross NPAs fell to 15.60 per cent from 17.30 per cent a year ago as recoveries and upgrades matched fresh slippages during the quarter.

Recoveries and upgrades at Rs 2000 crore included cash recoveries of Rs 602 crore. Total slippages were at Rs 2233 crore during the quarter. Loans due beyond 61 days but below the NPA cut-off of 90 days declined by Rs 1250 crore.

CEO Prashant Kumar said that the bank is on course to meet its targeted cash recoveries of Rs 5000 crore this fiscal.

“We have said in December that we are at the end of our cycle in terms of NPAs. From here on we expect recoveries and upgrades to outpace slippages. Of course nobody is insulated from further disruptions due to Covid 19 but with 85 per cent of our retail and SME portfolio secured we do not see that much of a risk,” Kumar said.

Despite the rise in profits Yes Bank’s loan book shrank 0.5 per cent to Rs 1.63 crore as the corporate book which makes up 47 per cent of the bank’s loans continued to decline. Net interest income fell 27 per cent year on year.

Retail and SME book grew 23 per cent. Kumar said he still continues to expect a 15 per cent growth in loans during the fiscal led by a 20 per cent growth in retail and SME loans and a 10 per cent growth in corporate loans.

Total restructured loans at the end of the quarter stood at Rs 4976 crore our of which about 80 per cent or Rs 3300 crore were linked to the Covid 19 pandemic.

Kumar said the bank does not expect to add any large accounts to the restructured pool by the end of September 2021, the end if the RBI’s window for restructuring.

News Related

OTHER NEWS

Fire at building near IIM Bangalore, several feared trapped

Representational image A fire broke out in Bengaluru on September 21 at a building located close to IIM Bangalore, reports said. No casualties were recorded by the time preliminary reports ... Read more »

COVID-19 didn't hit Railways business hard, more orders expected: Texmaco Rail deputy MD Ashish Gupta

Ashish Gupta. India’s market for rolling stock, or railway wagons, coaches and locomotives, has completely recovered from the impact of COVID-19, and the sector is now looking at even more ... Read more »

French President Emmanuel Macron discussed Indo-Pacific co-operation with PM Modi

File image of French President Emmanuel Macron (Image: Reuters) French President Emmanuel Macron discussed on Tuesday co-operating over the IndoPacific region with Indian Prime Minister Narendra Modi, as France deals ... Read more »

Biggest gainers & losers of the day: GR Infra soars, BLS Intl' tanks 10%

New Delhi: The domestic equity market staged a smart afternoon recovery on Tuesday, thanks to strong buying in metals, IT and FMCG shares. Positive global sentiment boosted investors’ morale as ... Read more »

Muzaffarnagar riots: Court fixes September 24 for framing of charges against ex-UP minister, 9 others

A court on Tuesday fixed September 24 as the date to frame charges in a Muzaffarnagar riots case against former Uttar Pradesh minister Saeeduzama and nine others. The former minister, ... Read more »

Tren Penurunan Terhenti, Kasus Covid-19 Kembali Naik ke 3.263

© Disediakan oleh Katadata Setelah mengalami penurunan yang signifikan dalam tiga hari terakhir, tambahan kasus Covid-19 pada Selasa (21/9) kembali meningkat bahkan tembus ke level di atas tiga ribu kasus, yaitu ... Read more »

Tech View: Nifty50 rebound encouraging but index vulnerable to selloffs

NEW DELHI: Nifty50 on Tuesday staged a strong rebound and formed a Bullish Hammer candle on the daily chart. Analysts said the recovery from near a short-term moving average was ... Read more »

Sivakasi, the fireworks nerve centre keeps fingers crossed as Delhi bans bangers

A Robot. Anyone seeing him at work may easily mistake him for a machine in action, picking up small, shining white packs of chemical compounds and wrapping them up in ... Read more »

F&O: Buy on dips puts Nifty back on winning track; VIX declines too

Nifty opened positive on Tuesday but breached previous day’s low in the initial half of the session. However, it recovered well by more than 250 points from its intraday low ... Read more »

Centre allows IAS, IPS officers to retain gifts received from foreign dignitaries

The Centre has amended over a 50-year-old rule to allow IAS, IPS and IFoS officers to retain gifts received from foreign dignitaries while being members of the Indian delegation, according ... Read more »

Nitin Gadkari pitches for fixed driving hours for commercial truck drivers

To reduce road accidents, Union minister Nitin Gadkari on Tuesday pitched for fixed driving hours for commercial truck drivers similar to that of pilots, as well as on-board sleep detection ... Read more »

Mahant Giri death case: Disciple Anand Giri booked for abetment of suicide

Uttar Pradesh Police on Tuesday lodged a First Information Report (FIR) against Anand Giri, the disciple of Mahant Narendra Giri, chief of Akhil Bharatiya Akhara Parishad, who was found dead ... Read more »

Kisah Pilu Anak 4 Tahun Kena COVID-19, Pakai Hazmat ke RS Tanpa Ortu

© Disediakan oleh HaiBunda Sebuah video memilukan dari China viral di internet, Bunda. Video tersebut menampilkan seorang bocah berusia 4 tahun yang memakai baju hazmat sendirian di rumah sakit tanpa ... Read more »

India's largest e-ticketing platform IRCTC fixes bug after school student raises alarm

The Indian Railway Catering and Tourism Corporation Ltd. (IRCTC) fixed a bug on its e-ticketing platform after a plus two lad from the city raised an alarm over the presence ... Read more »

PM Modi, US President Biden to meet in Washington on Sep 24

Prime Minister Narendra Modi and US President Joe Biden are expected to deliberate on ways to bolster bilateral ties in trade, investment and defence and security in their in-person talks ... Read more »

New airport terminal at Leh likely to become operational by December 2022: Aviation minister

The new airport terminal in Leh is likely to become operational by December next year, Civil Aviation Minister Jyotiraditya Scindia said on Tuesday. This was conveyed by Scindia to Ladakh ... Read more »

Indian foreign minister Jaishankar urges UK to resolve COVID quarantine dispute

India’s foreign minister on Tuesday urged Britain to remove a rule requiring Indians visiting there to quarantine even if they are fully vaccinated. India’s Covishield vaccine, developed by AstraZeneca and ... Read more »

UK Covid LIVE: British Airways reports US bookings surge as UK Covid death toll passes 160,000

Construction workers march through the streets in Melbourne on Tuesday (Getty Images) More than 160,000 people in the UK have had Covid-19 recorded on their death certificate, new figures show. ... Read more »

Wakil Ketua II DPRD Kobar Salurkan Bantuan Sembako ke Kotawaringin Lama

© Disediakan oleh Kumparan Wakil Ketua II DPRD Kotawaringin Barat, Bambang Suherman menyerahkan bantuan kepada Warga Desa Rungun. Foto: Lukman Hakim/InfoPBUN InfoPBUN, KOTAWARINGIN BARAT – Wakil Ketua II DPRD Kotawaringin ... Read more »

Johnson & Johnson says second shot boosts protection for moderate-severe Covid-19 to 94 percent

The company has now "generated evidence that a booster shot further increases protection against Covid-19," J&J’s chief scientific officer said Tuesday. Read more »

Mswipe's lending business appoints Tanya Chadha as COO

Mcapital, the lending business of Mswipe, has announced the appointment of Tanya Chadha as its chief operating officer (COO), said a statement issued today. With over 16 years of experience ... Read more »

UP govt to set up 'Electronic Park' near Noida

After Toy Park, Film City, Medical Device Park and Leather Park, the Uttar Pradesh government is gearing up to develop an ‘Electronic Park’ for electronic devices and accessories along the ... Read more »

Sensex reclaims Mt 59K as investors rush to buy beaten-down sectors

NEW DELHI: After a late buying in beaten-down sectors, benchmark indices climbed higher, breaking two-day losing run on Tuesday. Realty names were under the spotlight after Karnataka government reduced stamp ... Read more »

R-value drops below 1 in mid-September

R-value, which reflects how rapidly coronavirus pandemic is spreading, dropped to 0.92 by mid-September after spiralling over 1 by August-end, according to researchers. However, the R-values of major cities, Mumbai, ... Read more »

Nurse to doctor ratio in India estimated to be 1.7:1 on basis of NSSO data: Report

The nurse to doctor ratio in India is estimated to be 1.7:1 on the basis of NSSO data, while the ratio of allied health workers to doctors is estimated to ... Read more »

Strategi PLN Genjot Konsumsi Listrik di Tengah Pemulihan Ekonomi

© Disediakan oleh Katadata PLN tengah berupaya menggenjot konsumsi listrik yang sempat terpukul akibat pandemi Covid-19. Seiring dengan sinyal pertumbuhan ekonomi yang mulai membaik, konsumsi listrik hingga Agustus 2021 mencapai ... Read more »

DRI seizes heroin worth Rs 20,000 crore from Afghanistan at Mundra Port

Mundra Port is controlled by the Adani Group (File image: Wikimedia Commons) The Directorate of Revenue Intelligence (DRI), acting on an intelligence input, has seized nearly 3,000 kg of heroin ... Read more »

Yamaha drives in new 155 cc scooter Aerox 155, updated YZF-R15 range in India

India Yamaha Motor on Tuesday said it has launched an all-new 155 cc scooter model Aerox 155 in the country priced at Rs 1.29 lakh (ex-showroom Delhi). The Japanese two-wheeler ... Read more »

Realty stocks in demand after Karnataka cuts stamp duty

New Delhi: Real Estate shares were buzzing on Tuesday as the Karnataka Government slashed the stamp duty by 2 per cent on affordable flats. The State Legislative Assembly passed an ... Read more »

HC asks Centre, Delhi govt to respond to plea for electricity connection for migrants from Pakistan

The Delhi High Court Tuesday sought replies from the Centre, Delhi government and Tata Power on a plea seeking electricity connection for nearly 800 Hindu migrants from Pakistan and are ... Read more »

IT dept detects multi-crore tax evasion after raids on WB group

The CBDT on Tuesday claimed that the Income Tax Department has seized “incriminating evidence” that shows alleged financial irregularities of Rs 700 crore after it raided a West Bengal-based steel ... Read more »

Paediatric Covaxin | Bharat Biotech completes phase 2/3 trials

Krishna Ella Bharat Biotech has completed the Phase 2/3 trials of COVID-19 vaccine, Covaxin for use in children under 18 years of age and is expected to submit the data ... Read more »

COVID-19 | R-value drops below 1 in mid-September

R-value, which reflects how rapidly coronavirus pandemic is spreading, dropped to 0.92 by mid-September after spiralling over 1 by August-end, according to researchers. However, the R-values of major cities, Mumbai, ... Read more »

Kaiser Chiefs frontman Ricky Wilson addresses anti-vax backlash to onstage comments: ‘Twitter is yours'

© Dan Mullan/Getty Images Ricky Wilson of Kaiser Chiefs Kaiser Chiefs frontman Ricky Wilson has addressed the backlash from people opposed to the Covid-19 vaccine. During the band’s set at ... Read more »

Japan shares end lower on Evergrande woes, bargain-buying limits losses

TOKYO: Japanese shares tracked weakness in global markets to close lower on Tuesday, as investors dumped risky assets on fears of a potential default by China’s Evergrande Group, although some ... Read more »

Australian shares recoup losses, end higher on energy boost

Australian shares closed higher on Tuesday, boosted by energy stocks, although gains were capped by weakness in global markets over fears of a potential debt default by China Evergrande Group. ... Read more »

India seizes $2.7 billion Afghan heroin haul amid Kabul takeover chaos

Indian officials said on Tuesday they had seized nearly three tonnes of heroin originating from Afghanistan worth an estimated Rs 200 billion ($2.72 billion) amid the chaos following last month’s ... Read more »

China conducting night drills near Ladakh, brings in advanced weapons systems close to India border

The People’s Liberation Army (PLA) of China’s troops are bringing in more advanced weapons systems close to the Indian border, according to the report. (Representative image: Reuters) Western Theatre Command ... Read more »

Gautam Adani defends India's COVID handling, says criticism should not be at cost of national dignity

Gautam Adani, Chairman of Adani Group Amid talk of his infrastructure conglomerate venturing into the media space, billionaire Gautam Adani on Tuesday said media coverage cannot be biased under the ... Read more »

Sarbananda Sonowal files Rajya Sabha nomination from Assam, likely to be elected unopposed

Union minister Sarbananda Sonowal on Tuesday filed his nomination from a Rajya Sabha seat in Assam and is all set to be elected unopposed with the opposition deciding not to ... Read more »