Yes Bank reports 33% jump in net profit; shares remain flat

Yes Bank on Wednesday registered a net profit of Rs 731.8 crore as compared to Rs 551.2 crore during same period a year ago, a growth of 32.8% year-on-year, for the quarter ended on June 30, 2016.

After the announcement of the results, the shares of the bank were trading at Rs 1196.05 per piece, up 0.35% on BSE at 1159 hours.

The company's financial results met the market's estimate. The total net income increased from Rs 3797.02 crore for the quarter ended June 30, 2015 to Rs. 4762.83 crore for the quarter ended June 30, 2016. The total jump of Rs 2217.1 crore, a growth of 38.1% on y-o-y basis.

The bank's book value as on June 30 stood at Rs 345.2 per share. 

Commenting on the results and financial performance, Mr. Rana Kapoor, Managing Director & CEO, Yes Bank said, “YES BANK has delivered another highly satisfactory quarter of financial performance reflected in strong & quality growth, sustained profitability and continued resilience in asset quality. 

Gross Non Performing Advances (GNPA) as a proportion of Gross Advances was at 0.79% (Rs 844.6 Crores) while Net Non Performing Advances (NNPA) as a proportion of Net advances was stable at 0.29% (Rs 302.4 Crores) as at June 30, 2016. Bank’s specific loan loss Provision Coverage was at 64.2% as at June 30, 2016. 

Today, the bank also received an in-principle approval from the Securities & Exchange Board of India (SEBI) to setup an Asset Management Company (AMC) which will further deepen the value proposition for their retail customers.