Mumbai (Maharashtra) [India], April 30 (ANI): Private sector lender YES Bank on Saturday reported Rs 367 crore net profit for the fourth quarter of 2021-22 against a loss of Rs 3,788 crore recorded in the corresponding period of the last year.
YES Bank had posted Rs 266 crore net profit for the third quarter of 2021-22. The bank’s profit during the January-March 2022 period has increased by 38 per cent quarter-on-quarter.
The bank’s profit has increased led by strong net interest income and a sharp decline in provisions.
For the whole year 2021-22, YES Bank posted a net profit of Rs 1,066 crore against a loss of Rs 3,462 crore recorded in the previous year. The company’s loss in 2019-20 stood at Rs 22,715 crore.
YES Bank’s net interest income rose by 84.4 per cent year-on-year to Rs 1,819 crore for the January-March 2022 quarter from Rs 987 crore in the corresponding quarter of the previous year.
The bank’s non-interest income grew by 27.9 per cent to Rs 882 for the quarter under review as compared to Rs 689 crore recorded in the corresponding quarter of 2020-21.
Commenting on the results and financial performance, Prashant Kumar, MD & CEO, YES BANK said, “This transformation journey taking place at YES Bank has resulted into a sustained improvement in balance sheet growth, accelerated granularisation, improving asset quality trends, enhanced liquidity and stronger capital position over the past 2 years.”
While the core operating profitability of the franchise continues to improve, the drag from legacy stressed assets has significantly reduced, resulting into net profitability.
The Bank continues to invest in its digital infrastructure in its quest to retain its dominant place in the country’s digital payments and fintech ecosystem, Kumar said.
“The Bank has built up significant momentum in new business generation, while continuing to invest in its platform and people to build a differentiated franchise that delivers sustainable and profitable growth in a responsible manner,” he added. (ANI)