Yes Bank said on Saturday that it had returned to full-year profits for the fiscal year ended March 2022, registering a profit of Rs 1,066 crore per annum. Private sector lenders posted a net loss of Rs 3,462 crore in the previous financial year ending March 2021 and a loss of Rs 22,715 crore in FY20. FY22 is the first full-year profit from FY19, Yes Bank said in a regulatory filing.
For the quarter ended March 2021-22, the bank posted a net profit of Rs 367 crore. In the same quarter of the previous financial year 2020-21, the net loss was Rs 3,788 crore. By comparison, net profit in Q4 FY22 increased by 38% from Rs 266 crore in the previous quarter ending December 2021. The total revenue for the January-March period of FY22 increased to Rs 5,829.22 crore from Rs 4,678.59 crore for the same FY21. The total revenue for the full year, however, has come down from Rs 23,053.53 crore in 2020-21 to Rs 22,285.98 crore in 2021-22.
Yes Bank said that it has witnessed strong growth in deposits and granular growth in the year and in 2021-22, sanctions / disbursements in various sectors stood at Rs 70,000 crore. In terms of asset quality, the bank’s gross non-performing assets (NPAs) rose to 13.9 percent of total growth as of March 31, 2022 from 15.4 percent a year earlier. Net NPAs or bad loans fell from 5.9 percent to 4.5 percent.
Prashant Kumar, MD and CEO of Yes Bank, said: “The transformation journey that has taken place at Yes Bank has resulted in sustainable improvement over the last 2 years in terms of balance sheet growth, accelerated granulation, improved asset quality trends, increased liquidity and strong capital positioning.” While the franchise’s core operating profit continues to improve, the legacy has been significantly reduced by pulling from stressed assets, resulting in net profit, he added.
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