Yes Bank Q1 results 2023: Net profit rises 10%, total income surges 29%. Cuts provisioning over 41% on QoQ basis
Yes Bank Q1 results 2023: Yes Bank has declared its earnings for the first quarter for the financial year 2023-24. The private lender has reported YoY rise in net profit to the tune of 10 per cent in Q1FY24 to ₹342.52 crore against the net profit of ₹310.63 crore in corresponding period in previous financial year.
On QoQ basis, the private lender reported a growth of over 69 per cent in net profit against ₹202.43 crore net profit recorded in Q4FY23. In Q1FY24, Yes Bank's total income stood at ₹7,584.34 crore, near 29 per cent higher from its total income of ₹5,876.01 crore in Q1FY23.
On sequential basis, Yes Bank reported 5 per cent growth in total income at ₹7,220.12 crore in Q4FY23. Provisions stood at ₹360.3 crore in Q1FY24 against ₹174.7 crore in Q1FY23 and ₹617.6 crore in Q4FY23.
The provision coverage ratio of the private lender stands at 48.4 per cent in Q1FY24 against 62.3 per cent in Q4FY23. Yes Bank has reported that its Provisions (other than Tax expense) and Contingencies (net) after the end of recently ended June 2023 quarter stands at ₹360.30 crore, which is 41.65 per cent lower from ₹617.56 crore Provisions (other than Tax expense) and Contingencies (net) in Q4FY23. Yes Bank has reported its total expenditure excluding provisioning and contingencies at ₹6,765.93 crore after the end of June 2023 quarter, which is 6.87 per cent higher on QoQ basis whereas it is around 28 per cent higher on YoY basis.
Yes Bank's total expenditure excluding provisioning and contingencies stood at ₹5,286.21 crore in Q1FY23 while it stood at ₹6,331.22 crore in Q4FY23. In retail banking segment, Yes Bank's business stood at ₹1,29,700.94 crore, which stood at ₹1,15,055.25 crore in Q4FY23 and at ₹97,135.48 crore in corresponding
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