MUMBAI: India’s Yes Bank reported a smaller-than-expected increase in quarterly net profit on Saturday as it kept aside more money for bad loans, denting the impact of higher net interest income.
The private lender’s standalone net profit rose 10.3% for the April-June quarter from the same period last year to 3.43 billion rupees ($5.25 million), missing analysts’ average forecast of 3.80 billion rupees, according to Refinitiv data.
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Yes Bank’s provisions and contingencies, net of recoveries made against loan accounts written off as bad, more than doubled to 3.60 billion rupees from 1.75 billion rupees a year earlier.
The gross non-performing asset (NPA) ratio decreased to 2% at the end of June from 2.20% at the end of March, while its net NPA ratio rose slightly to 1% from 0.80%.
Yes Bank’s net interest income, the difference between the interest earned on loans and paid to depositors, rose 8.1% to around 20 billion rupees.
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