YES Bank's Q1FY25 profit rises 46% to over ₹500 crore
What's the story
YES Bank has announced a 46.4% year-on-year (YoY) rise in its standalone net profit, for the first quarter of the financial year 2025 (Q1FY25). The bank's net profit surged to ₹502.43 crore, marking a substantial increase from the ₹342.52 crore profit after tax (PAT), reported during the same period in the previous fiscal year. Additionally, YES Bank reported a 19% YoY growth in interest earned, amounting to ₹7,719.15 crore, up from ₹6,443.22 crore in Q1FY24.
Financial growth
Net interest income and advances grow
YES Bank's standalone net interest income (NII) experienced a 12.2% YoY growth, reaching ₹2,243.9 crore in Q1FY25 compared to ₹2,000 crore in Q1FY24. The bank's net advances for the June quarter stood at ₹2,29,565 crore, indicating a YoY growth of 14.70% and a quarter-on-quarter growth of 0.80%. On a QoQ basis, YES Bank's NII grew by 4.20%, further demonstrating the bank's strong financial performance during this period.
Banking metrics
CASA ratio and total deposits show improvement
YES Bank's total deposits witnessed a significant growth of 20.80% from April-June 2024, reaching ₹2,65,072 crore. The bank's gross non-performing assets (NPA) remained stable at 1.7% in Q1FY25, similar to the previous quarter. Meanwhile, the net NPA showed a slight improvement at 0.5%, down from 0.6% in Q4FY24. The CASA ratio of YES Bank improved to stand at 30.80% in Q1FY25, compared to 29.40% during the same period in the previous fiscal year, and 30.90% in the previous quarter.
Executive remarks
CEO comments on performance
Prashant Kumar, MD and CEO at Yes Bank, commented on the results, stating, "The Bank has started the financial year on a strong footing with RoA sustaining Q-o-Q at 0.5% despite seasonality of Q1 and NIL PSL shortfalls." He further highlighted that the bank has managed to contain operating cost growth at 8% YoY, while maintaining strong resolution momentum leading to lower net credit costs.