Yes Bank Q2 net profit decline by 3.7%

Mumbai: Yes Bank on Thursday reported a decline of 3.73 per cent in its standalone net profit for the second quarter of financial year 2018-19.

According to the lender, its Q2 net profit declined to Rs 964.7 crore from Rs 1,002.73 crore reported for the corresponding period of the previous financial year.

“Net profit declined 3.8 per cent y-o-y (year-on-year) to Rs 964.7 crores which includes impact of Rs 252.2 crores of one time MTM (market-to-market) provisioning, predominantly on corporate bonds. After excluding investment related MTM provisions and profit on sale of investments,” the bank said in a statement.

The bank disclosed that as on September 30, 2018, its gross non-performing asset was at 1.60 per cent and net non-performing asset was 0.84 per cent.

“Increase in GNPA from earlier disclosed provisional ratio for Q2 FY19 (on October 01, 2018) due to classification of one account with exposure of Rs 631.2 crores as NPA based on post period end review process. Bank expects prepayments and consequent upgrade of this exposure in Q3 FY19,” the statement said.

Yes Bank Managing Director and CEO Rana Kapoor was quoted as saying in the statement: “Yes Bank has once again delivered satisfactory performance across balance sheet growth, core profitability and asset quality amidst external environmental challenges. Advances growth has been well segmented across Corporate, IBU, MSME and Retail Business.”

“Inherent strength of the franchise has also been corroborated by recent re-iteration of ratings by various international and domestic credit rating agencies,” he added.

}