According to CNBC-TV18 poll estimates, analysts had expected the bank to report net profit of Rs 460 crore and net interest income of Rs 791 crore for the quarter. Net interest income, the difference between interest earned and interest expended, grew 13 percent to Rs 745.3 crore in April-June quarter of current financial year 2014-15 from Rs 659 crore in corresponding quarter of last fiscal.
Other income during the quarter declined 3.7 percent to Rs 425.6 crore while operating expenses jumped 25 percent to Rs 526.7 crore compared to same quarter last fiscal and due to which, operating profit fell 5.3 percent year-on-year to Rs 644.3 crore with the cost to income ratio at 45 percent. Provisions in the quarter ended June 2014 stood at Rs 23.7 crore, down 67.2 percent and 75.5 percent compared to Q4FY14 and Q1FY14, respectively.
Asset quality slightly weakened on sequential basis with the gross non-performing assets (NPA) climbed (up 11 basis points Y-o-Y) to 0.33 percent in June quarter from 0.31 percent in March quarter 2014 and net NPA increasing to 0.07 percent from 0.05 percent Q-o-Q and 0.03 percent Y-o-Y. In absolute terms, gross NPA jumped 12.2 percent quarter-on-quarter (up 88.7 percent year-on-year) to Rs 197.96 crore and net NPA shot up 64.2 percent on sequential basis (up 254.4 percent on yearly basis) to Rs 42.81 crore in the quarter gone by.
Net interest margin of the bank was unchanged at 3 percent during the quarter compared to previous quarter. Analysts were expecting some improvement in margin on account of QIP money. The bank raised Rs 2,942.1 crore via qualified institutional placement (QIP) in early June. Current account and saving account (CASA) grew 29 percent Y-o-Y to Rs 16,974 crore as on June 2014. "CASA ratio improves steadily to 22.3 percent from 20.2 percent a year ago. Saving deposits posted healthy growth of 43.8 percent Y-o-Y," said the company in its filing.
Total advances during the quarter jumped 23.2 percent to Rs 58,988.6 crore while deposits soared 16.6 percent to Rs 76,102.8 crore compared to same quarter last year. YES Bank said total restructured advances stood at Rs 113.1 crore as on June 2014 (0.19 percent of gross advances), down from Rs 144.2 crore in March 2014 and Rs 139.5 crore in June 2013, adding there has been no sale to asset restructuring companies during the quarter. Capital adequacy ratio (as per Basel III norms) improved to 17.6 percent in June quarter against 14.4 percent in March quarter and 15.4 percent in same quarter last year.
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