Yes Bank Q4 Results: Yes Bank net profit dropped 45% in Jan-March period!
One of India’s leading private sector banks, Yes Bank, on March 22, reported a significant decline in net profit of about 45% for the January-March quarter compared to the same period last year.
This sudden drop in profits were due to increased provisions made for bad loans and security receipts. The net profit recorded for the quarter was 2.02 billion Indian rupees ($24.63 million), a drop from 3.67 billion rupees in the corresponding period in the previous year.
However, the net profit for the quarter ended March 2023, was three times higher when compared to profit numbers for the quarter ended December 2022 on account of a statistical phenomenon called the lower base effect.
Yes Bank share price has had a somewhat mixed performance of late. The Yes Bank share price is down 28% so far in 2023 and up 14% in the past year. The Bank Nifty, meanwhile, has eased 1.3% in 2023 so far and gained 18% in the past year.
So, how did Yes Bank perform in other key parameters like deposits, advances, net interest income etc? Let’s try and decode!
Decoding Yes Bank Q4 Earnings
Yes Bank Q4 Total Income:
- Total income for the Jan - Mar ‘23 period came in at Rs 3188 crores, up 18% from the previous year. The total income was primarily driven by interest incomes and also by the 23% yearly growth witnessed in the non-interest income business of the bank.
- Non Interest incomes in a bank can include various fees and charges including deposit and transaction fees, insufficient funds (NSF) fees, annual fees, monthly account service charges, inactivity fees, check and deposit slip fees, and so on.
- Net interest income increased by 16% from the previous year to Rs 2105 crores for the Jan - Mar ‘23 period. Meanwhile, non-interest income grew by 23% to Rs 1082 crore.
- Net interest margin also improved marginally to 2.8% from 2.5% in the previous year for the Jan - Mar ‘23 period.
|Total Income||Rs 3188 crores||Rs 2701 crores||18%|
|Net Interest Income||Rs 2105 crores||Rs 1819 crores||16%|
Yes Bank Q4 Advances:
- Total advances grew by 12.3% from the previous year to Rs 203,269 crores in the Jan - Mar ‘23 period.
- Advances growth was witnessed in all the major segments of the bank in the Jan - Mar ‘23 period.
- Retail Advances up 38.6%, SME grew 22.3% & Mid Corp. Segments gained 35.8% compared to the year ago period.
Yes Bank Q4 Deposits:
- Total deposits at the end of the Jan - Mar ‘23 period stood at Rs 217,502 crores, up 10.3% from the prior year. Both current account and savings account deposits witnessed a yearly rise of 9.3% and 7.5%, respectively in the March ‘23 quarter.
- CASA ratio at 30.8% vs. 31.1% in FY22 and 29.9% last quarter
- 13.4 Lakh CASA Accounts opened in FY23 vs. 11.4 Lakh in FY22
- 372K CASA Accounts opened in Q4FY22 vs. 340k last quarter
- In FY23, Yes Bank added 83 branches to take its branch network to 1,192 branches at the end of the Jan - Mar ‘23 period.
Yes Bank Q4 Profits:
Yes Bank reported a net profit of Rs 202 crores for the Jan - Mar ‘23 period, down 45% from the previous year.
Yes Bank dividend:
The company proposed a dividend of Rs 14 per share.
This is not investment advice. Investments in the securities market are subject to market risk, read all the related documents carefully before investing. Past performance is not indicative of future returns.