YES Bank on Saturday reported a net profit of Rs 367 crore for the March quarter compared with a loss of Rs 3,788 crore in the year-ago period.
The bank said it returned to full-year profitability in the fiscal ended March 2022, registering a profit of Rs 1,066 crore during the year.
The private sector lender had posted a net loss of Rs 3,462 crore in the previous fiscal year ended March 2021 and a loss of Rs 22,715 crore in FY20.
The profit figure was up 37.9 per cent sequentially over December quarter’s Rs 266 crore.
The net interest income (NII) rose 84.4 per cent year-on-year (YoY) to Rs 1,819 crore from Rs 987 crore in the same quarter last year. Non-interest income also grew 27.9 per cent YoY to Rs 882 from Rs 689 crore, the bank said.
Total income during January-March period of FY22 increased to Rs 5,829.22 crore from Rs 4,678.59 crore in the same quarter of FY21.
Yes Bank said it witnessed strong growth in deposits and granular advances during the year and the sanctions/disbursements stood at Rs 70,000 crore across various segments in 2021-22.
The bank's gross non-performing assets (NPAs) improved to 13.9 per cent of the gross advances as of March 31, 2022 from 15.4 per cent a year earlier.
The bank's MD and CEO Prashant Kumar said: "This transformation journey taking place at Yes Bank has resulted into sustained improvement in balance sheet growth, accelerated granularization, improving asset quality trends, enhanced liquidity and stronger capital position over the past 2 years."
While the core operating profitability of the franchise continues to improve, the drag from legacy stressed assets has significantly reduced, resulting into net profitability, he added.
