Yes Bank Ltd. reported fourth quarter net profit slid 45% year-on-year (YoY) to ₹202 crore on account of higher provisioning.
The bank reported net interest income (NII) of ₹2,105 crore, up 15.7% Y-o-Y.
For the financial year ended March 31, the bank reported net profit of ₹717 crore compared with ₹1,066 crore in the year-earlier period, down 32.7% again on accelerated provisioning.
The NII in FY23 rose 21.8% to ₹7,918 crore. The net interest margin for Q4FY23 at 2.8% rose almost 30 basis points Y-o-Y. FY23 NIM at 2.6% was also up 30 bps YoY.
In Q4, provision at ₹618 crore more than doubled YoY led by accelerated provisioning, the bank said in a filing.
Total provision for FY23 at ₹2,220 crore was up 50% YoY. Net advances at ₹2,03,269 crore grew 12.3% YoY. Total deposits at ₹2,17,502 crore was up 10.3% YoY.
The bank said it witnessed significant improvement in asset quality during Q4. Gross Non Performing Asset (GNPA) ratio stood at 2.2% compared with 13.9% the year-earlier period.
Net NPA ratio stood at 0.8% as compared with 4.5% in the year-earlier period. The bank said slippages have continued to trend lower to ₹4,775 crore in FY23 from ₹5,795 crore in FY22.
It said resolution momentum continued to be strong with total recoveries and upgrades for FY23 at ₹6,120 crore, well ahead of guidance of ₹5,000 crore. In Q4FY23,cash recoveries and upgrades stood at ₹1,733 crore.
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