Yes Bank, one of the leading private sector banks, on Wednesday reported growth of 18.79% in its fourth quarter net profit. The bank earned a profit of Rs 4.3 billion for the quarter ended Mar. 31, 2014. Market was expecting profit to come at Rs 4.04 billion.
The bank's quarterly income totaled at Rs 30.14 billion, an increase of 12.99% over Rs 26.67 billion in the same period a year ago.
Net NPA was at Rs 260.7 million for the quarter ended Mar. 31, 2014, as compared to Rs 69.9 million for the quarter ended Mar. 31, 2013, representing increase of 3.73 times.
Capital Adequacy Ratio of the bank, under Basel III was at 14.4% as on Mar. 31, 2014.
Net interest income came at Rs 7.20 billion for Q4FY14 representing y-o-y growth of 12.8%. NIMs expanded to 3% sequentially from 2.9% in Q3FY14.
Non-interest income came at Rs 4.46 billion for Q4FY14 reflecting y-o-y growth of 17.4%. Non-interest income showed a robust growth of 36.9% to Rs 17.22 billion in FY14.
The bank reported y-o-y growth in CASA of 28.8%; CASA ration improves to 22% from 18.9% a year ago.
Commenting on the results and financial performance, Rana Kapoor, managing director & CEO, Yes Bank said, ''Yes Bank has continued to deliver steady performance in FY14 maintaining asset quality in a difficult economic environment with expansion in NIMs in Q4FY14. Balance Sheet consolidation has been substantially achieved over the last 2 years with progressive derisking.
During this year, Yes Bank continued to focus on diversity and granularity with continued investment in branches and employees reflected in CASA ratio improvement to 22.0% as on March 31, 2014 from 18.9% in a year. YES BANK has also established a robust SME & Retail Assets Banking platform which are becoming important growth drivers, even more so over the next 3 years.
In FY14, Yes Bank became the first Bank in India to be awarded the prestigious IMC Ramkrishna Bajaj Quality Award for Business Excellence. This significant recognition is a strong reinforcement of our commitment to Business Excellence towards “Building the Best Quality Bank of the World in India” by 2020.''
Shares of the bank gained Rs 7.2, or 1.66%, to trade at Rs 441.50. The total volume of shares traded was 863,999 at the BSE (2.30 p.m., Wednesday).
