As provisions for problematic loans increased, Yes Bank’s net income for the quarter spanning January to March decreased by nearly 45 percent year-over-year on Saturday.
The quarterly net profit decreased to Rs 202 crore ($24.63 million) from Rs 367 crore in the same period one year prior. According to Refinitiv data, analysts anticipated a decline in revenue to Rs 288 crore.
However, the net profit increased by 288 percent from quarter to quarter, as it was only Rs 52 crore for the three-month period ending on December 31, 2022.
The bank’s net interest income increased by 15.7% from Rs 1,819 crore to Rs 2,105 crore in the fourth quarter of fiscal year 23. In addition, the NII increased by nearly 7 percent from the previous quarter of 2023.
The non-interest income for the March quarter was Rs 1,082 crore, a nearly 23 percent increase from Rs 880 crore in the same period last year. However, the bank’s non-interest income decreased by 5.3% from the third quarter of the fiscal year that ended in 2023.
Combining NII and non-interest income, the total net income for the fourth quarter of fiscal year 23 was Rs 3,188 crore, up 18 percent year over year and up 2.4 percent quarter over quarter.