Yes Bank Third-Quarter Profit Soars 22%

Yes Bank Third-Quarter Profit Soars 22%

Indian private sector lender Kotak Mahindra Bank Ltd posted a almost 20 percent increase in third-quarter profit on Friday, helped by higher interest and fee income and as bad loans dropped.

The bank reported a net interest margin of of 3.5% for the quarter. The growth was driven by net interest income, other income and operating profit.

Net interest income of the lender jumped 24.13 per cent YoY to Rs 10314.34 crore during the quarter under review against Rs 8309.09 crore in the same quarter previous year.

The lender reported gross non-performing assets at 1.72% as at end December compared with 1.82% in September.

For the reported quarter, HCL Tech's revenues grew 8.4 per cent to Rs 12,808 crore, from Rs 11,814 crore in the year-ago period, as per US GAAP accounting norms, it added.

"Yes Bank has delivered another quarter of satisfactory performance with sustained earnings delivery and accelerated growth momentum with the bank achieving a balance sheet size beyond Rs 2.5 lakh crore and advances book in excess of Rs 1.7 lakh crore", said Rana Kapoor, Managing Director and CEO of Yes Bank.

It had posted net profit of Rs 3865.33 crore in the correspoinding quarter past year. Its provision coverage ratio was 46.4% as at December compared with 43.3% in the preceding quarter.

On the Digital front, Bank continues to reap benefits from its A.R.T. strategy proven through its leadership position in Merchant Payments for UPI with market share in excess of 75%.

At 12:07 hours IST, the stock price was quoting at Rs 1,944.40, up Rs 12.60, or 0.65 percent after hitting a record high of Rs 1,957.85 on the BSE.

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