Yes Bank Q2FY24 results: Net profit up 47.4% YoY to ₹225 crore, NII up 6% QoQ
Yes Bank Q2 results 2023: Yes Bank Limited has declared its second quarter results for the current financial year 2023-24. The private lender has managed to beat the market estimates as it has manged to report rise in net interest income (NII) on both YoY and QoQ basis.
While declaring Q2 results today for the financial year 2023-24, Yes Bank reported net interest income at ₹1,210 crote, logging 6 per cent rise on quarter-on-quarter (QoQ) basis whereas it registered 38.4 per cent rise in NII on YoY basis. The private lender reported a net profit of ₹225 crore, logging 47.4 per cent rise on YoY basis.
Yes Bank's provisioning cost stood 14.1 per cent lower in YoY terms. Commenting on the results and financial performance, Prashant Kumar, Managing Director & CEO, YES BANK said, “The Bank’s Q2 FY24 performance is a testament to the strength of the core franchise that the Bank has built through significant strategic interventions during the last three years.
Amidst a challenging environment with respect to interest rates, deposit growth slowdown, as well as tightening liquidity, the Bank has managed to deliver Yo-Y expansion in both operating profitability and net profitability. At the same time, the fortification of Balance Sheet from Asset Quality standpoint continues, supported by robust redemptions from the Security Receipts." In Q1FY24, Yes Bank had 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. Yes Bank shares witnessed buying interest during Friday deals
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