Yes Bank net rises 34% to Rs 342 crore in December quarter

Yes Bank net rises 34% to Rs 342 crore in December quarter Mumbai: Private lender Yes Bank on Wednesday reported a 34.7 percent rise in its net profit at Rs 342.31 crore for the quarter ended December 2012, on the back expansion in net interest margin and non-interest income growth.

The bank had reported a net profit of Rs 254.09 crore during the same period previous year.

The net interest income rose by 36.7 percent from a year ago to Rs 584.30 crore, while non-interest income grew by 48.1 percent to Rs 313.20 crore in the third quarter of 2012-13, the lender said in a filing to the BSE.

Total income of the bank increased to Rs 2,446.83 crore during the reported period, from Rs 1,895.49 crore in the year-ago period.

Net interest margin (NIM), a key gauge of profitability, of the bank increased to 3 percent in the third quarter of FY13 from 2.8 percent in the corresponding period previous year.

"As a result of strong performance...We have witnessed yet another robust quarter with net profit crossing Rs 342 crore. The bank posted strong growth in net interest income on the back of expansion in net interest margin to 3 percent," Managing Director and Chief Executive Officer Rana Kapoor said in a statement.

Total advances of the bank grew by 22.3 percent to Rs 43,856.80 crore as of December 31, 2012 from Rs 35,867.80 crore in the year-ago period, it said.

Current and Savings Account (CASA) deposits grew by 74.9 percent year-on-year to Rs 10,340.80 crore taking the CASA ratio to 18.3 percent as on December 21, 2012 up from 12.6 percent a year ago.

PTI