Shares of Yes Bank Ltd fell as much as 4.5% in intraday trade today to ₹15.48 apiece on the BSE after the private sector lender reported a decline in net profit by 44.9% to ₹367.46 crore for the March quarter this year, as against ₹202.43 crore in the year-ago period. During the session on Monday, the share price of YES Bank opened lower at ₹15.50 on BSE. The scrip closed at ₹15.68 on Monday. In contrast, the broader market S&P BSE Sensex was trading 0.67% or 401 points higher at 60,056. During the session, the market capitalisation of the private sector lender stood at ₹45,317 crore with 2,39,51,947 shares exchanging hands as against the two-week average of 218 lakh shares. The private sector lender hit a 52-week high of ₹24.75 on December 14, 2022, whereas a 52-week low of ₹12.26.
In FY23, the bank’s net profit declined by 32.73% to ₹717 crore, as against ₹1,066 crore in FY22. However, on a sequential basis, the net profit of the private sector lender surged by 292.8% as against ₹52 crore in the December quarter.
In the March quarter, the company’s net interest income surged by 15.7% YoY to ₹2,105 crore as against ₹1,819 crore. In FY23 the net income of the private sector lender surged 21.8% YoY to ₹7,918 crore as against ₹6,498 crore in FY22.
"Over the last three years, the Bank has significantly progressed on several strategic objectives such as strengthening Governance and Compliance Standards, bolstering the Balance Sheet through granularity, addressing the asset quality concerns, building up a strong liability franchise and expanding the customer base. At the same time,- with a continuous focus on retail, we have continued to expand our footprints with new Branches, increased the employee headcount and stepped-up our investments in technology," said Prashant Kumar, CEO and Managing Director, Yes Bank.
"Our Retail franchise has now reached a critical scale and is poised for profitable growth. With the current momentum of accelerated growth, the efficiency gains and operating leverage will naturally drive the Bank’s profitability upwards. In addition to this, in order to further accelerate the profitability expansion, the Bank will be making strategic interventions in the form of calibrated yield enhancement, a higher focus on growth in CA and improvement in cross-sell / fee growth on the expanded customer base. Moreover, the significant recoveries and upgrades during the year and particularly Q4 have been utilized for accelerated provisioning to step-up PCR and normalize credit costs over the near term," he added.
