Yes Bank Ltd., one of India's new age private-sector banks, reported a higher net profit for the fourth-quarter, led by expansion in net interest margin, healthy growth in net interest income and non-interest income along with improved cost-to-income ratio.
The Mumbai-based bank posted a fourth-quarter net profit of Rs.362.15 crore or Rs.9.89 per share, compared with Rs.271.80 crore or Rs.7.55 per share in the fourth-quarter of 2012. Net profit and earnings per share increased by 33 and 31 percent respectively.
Net interest income during the quarter rose by 42 percent to Rs.638.12 crore from the Rs.448.23 crore reported in the corresponding quarter last year, due to steady growth in assets, and expansion in net interest margin to three percent from 2.8 percent in Q4FY12.
Non-interest income for the quarter was up by 42 percent at Rs.379.38 crore, compared with Rs.266.35 crore reported in the same period last year, backed by continued growth in customer flows and enhanced cross-selling of products in Transaction Banking, Retail banking Fees and Financial Advisory.
Total income during the quarter was Rs.2,667.03 crore, compared with Rs.2,051.45 crore in the prior-year quarter, an increase of 30 percent.
Operating profit before provision and contingencies for the quarter under review was Rs.633.88 crore, compared with Rs.430.36 crore, reflecting a 47 percent growth.
The Cost-to-Income ratio was around 38 percent for the quarter under review, compared to 40 percent in the year-ago quarter, the bank said.
For the fiscal year, the bank's net profit was up by 33 percent at Rs.1,300.68 crore, compared to Rs.976.99 crore in 2012.
For the 12-month period, net interest income rose by 37 percent to Rs.2,218.79 crore from the Rs.1,615.63 crore last year, while non-interest income was Rs.1,257.43 crore, up by 47 percent from the Rs.857.12 crore in the previous year.
Total income during the fiscal year totaled Rs.9,551.43 crore, compared with Rs.7,164.47 crore in the prior-year quarter, registering a 33 percent growth.
As at the end of March 2013, gross non-performing assets as a proportion of gross advances were 0.20 percent, while net non-performing assets as a percentage of net advances stood at 0.01 percent. The bank's capital adequacy ratio was 18.3 percent as on March 31, 2013.
Its total deposit as at the end of March, 2013 was up by 36 percent at Rs.66,956 crore, compared with last year's Rs.49,152 crore, while advances moved up by 24 percent to Rs.47,000 crore from the Rs.37,989 crore as on March 2012.
The bank's Board has recommended a final dividend of 60 percent or Rs.6.00 per equity share of Rs.10 each for the fiscal year 2013 and the same will be paid after it is approved by the members at the ensuing AGM.
The Board has also empowered the Capital Raising Committee to raise funds by way of issuance of equity capital up to $500 million in one or more tranches through issue of securities.
Managing Director & Chief Executive Officer Rana Kapoor said: "Yes Bank has delivered another steady quarter with impressive financial performance driven by sustained execution across all parameters. The bank has achieved robust growth in profits with healthy net interest income and non-interest income growth, while maintaining asset quality despite a challenging economic environment. With another satisfactory year behind us, the bank is on track to achieve Version 2.0 objectives. We are well positioned for FY14 as we continue our balance growth trajectory, supported by our differentiated product and services proposition, and expanding retail footprint."
He added, "The bank has incorporated a Retail broking subsidiary and has hired key top management to roll out a retail broking platform. The retail brokers will complement our current retail offerings and enable cross-selling of 3 in 1 accounts to our expanding base of retail customers."
At the BSE, Yes Bank shares are currently trading at Rs.484, up Rs.14.75 or 3.14 percent on a volume of around 696,000 shares.
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