Q3 FY24 total was quarter for us with deposit development outpacing advances development, sequential enchancment in CASA ratio and web curiosity margins, says MD & CEO Prashant Kumar.
| Photo Credit: REUTERS
Yes Bank reported third-quarter web revenue grew greater than threefold to ₹231 crore for interval ended December 31, 2023 as in contrast with ₹52 crore within the year-earlier interval, aided by lesser provisions.
During the quarter, the financial institution reported web curiosity revenue of ₹2,017 crore in contrast with ₹1,971 crore within the year-earlier interval. Provisions have been decrease at ₹555 crore as in contrast with ₹845 crore the yr earlier.
Gross slippages have been decrease at ₹1,233 crore as in contrast with ₹1,610 crore in the identical interval final yr.
Gross NPA was at 2%, the identical degree a yr in the past. Net NPA decreased to 0.9% from 1% a yr in the past.
The financial institution stated decision momentum was sturdy with complete recoveries and upgrades for the quarter at ₹1,316 crore. Year to information in FY24 the cumulative recoveries and upgrades have been at ₹3,869 crore.
“Over the last few quarters, we have remained focussed on executing our profitability improvement roadmap by leveraging our core and key business levers of retail asset mix optimisation, SME and mid-market strong value proposition, fully exploiting our branches and leveraging our digital and transaction banking capabilities, and fully sweating our branches as the fulcrum of the business to drive higher cross sell and lower our costs going forward,” stated MD & CEO Prashant Kumar.
“The early progress of the above has started to reflect through a number of underlying business vectors which we have reported this quarter. Aside that, Q3 FY24 overall was a good quarter for us with deposit growth outpacing advances growth, sequential improvement in CASA ratio and net interest margins,” he stated.
“We continued to maintain a healthy liquidity coverage ratio (LCR). The value of net NPA and net carrying value of security receipts (SR) reduced by 30 bps points and our profits saw a ~3.5x fold increase compared with Q3 FY23,” he added.
