Business

YES Bank reports impressive 124% surge in net profit for Q4 2024

YES BANK, one of the orderly private sector lenders, has declared its financial result portraying stunning development for the past quarter of 2024. During this period, the bank’s net profit growth was an incredible 124 percent of Rs 454 crore, which was considerably above a year back.

The impressive growth number for this time point is an indicator of the good job and effective actions that the bank undertaken during this period.

Interest income on a net basis for YES Bank registered an increase of 2.3%, supported by Rs 2,153.1 crore, which was significantly higher than the previous year’s corresponding period, with the figure standing at Rs 2,105.2 crore. Such growth suggests that a bank has the potential to mobilize huge interest income from loan collection.

Additionally, YES Bank’s operating profits for January-March 2024 amounted to Rs 940,470, only above Rs 888,900 the last year while being a positive reflection. The attention to operational efficiency and cost management, one of the bank’s strengths, has shown in its results.

Regarding asset quality, YES Bank’s overall progress was in reducing the number of substandard assets. The GNPAs, which were at 1.7 percent of total loans, were reduced by roughly 0.5 percentage points compared to the previous year`s 2.2 percent.

Consequently, the net NPA, representing non-performing loans, has seen an improvement, with it now at 0.6 per cent from the 0.8 per cent that was recorded last year.

The amount allocated to the YES Banks YoY net advances increased by 13.8% to Rs 2.27 lakh crore. The movement was a result of strong SME and middle-market receivables movement and a slight slowdown in the corporate segment.

Overall, this analysis reflecting YES Bank’s robust fiscal performance signifies its resilient integrity and ability to realize better outcomes in future hence guaranteeing sustainability in the banking industry.

Source
News18

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