Yes Bank posts 77% rise in December quarter profit on lower provisions, higher recoveries

Lower provisions and higher loan recoveries drove Yes Bank's December quarter profit to grow by 77 percent.

Net interest income was down by 32% to Rs 734 crore and other income was down by 32%.

The provisions and contingencies fell by more than 80%. They dipped 0.7% on a sequential basis. The fresh slippages were lower than in the previous quarter. The Recoveries and Upgrades for the quarter stood at Rs 610 and Rs 573 respectively.

Gross non-performing assets improved to 14.7% as a percentage of total loans as compared to 15% in the previous quarter and 15.4% a year earlier.
Net NPAs decreased marginally to 5.3% of total loans compared to 5.5% in the previous quarter. They increased from four percent to five percent.

Advances grew 3.8% while deposits grew 26%. The net interest margin increased to 2.4%.