India’s Yes Bank reported a 47% increase in quarterly net profit on Saturday, helped by a drop in loan-loss provisions and healthy loan growth.
The Mumbai-based private lender’s standalone net profit rose to 2.25 billion Indian rupees ($27.1 million) for the July-September quarter from 1.53 billion rupees for the same period a year earlier.
That was lower than analysts’ average forecast of 2.61 billion rupees, according to LSEG data.
Yes Bank’s provisions dropped to 5 billion rupees from 5.83 billion rupees last year.
Net interest income, the difference between a bank’s interest earned and paid, declined slightly from a year earlier 19.25 billion rupees from 19.91 billion rupees.
Its gross non-performing asset (NPA) ratio was at 2% at the end of September, unchanged from the end of the previous quarter.
(Reporting by Siddhi Nayak; Editing by William Mallard)
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First Published: Oct 21 2023 | 1:49 PM IST