Yes Bank Q3 Results

 YES Bank has reported a 21% rise in net profit on the back of stable interest income and loan growth in the third quarter of this fiscal. The private sector bank’s profit after tax was Rs 416 Cr, compared with Rs 342 Cr in the corresponding quarter last year. Net interest income increased 14% to Rs 665 Cr (Rs 584 Cr in Q3 FY13), and non-interest income rose 24% to Rs 388 Cr (Rs 313 Cr).  Net interest margin declined to 2.9% due to higher cost of funds, which was a result of the cumulative effect of RBI’s rate hikes. As on December 31, 2013, total advances grew 15%, while deposits increased 21% on the back of growth in current and savings accounts (CASA). Asset or loan quality deteriorated with gross non-performing assets (NPAs) increasing to Rs 196 Cr (0.39% of total advances) from Rs 76 Cr (0.17%). Net NPAs increased to Rs 42 Cr (0.08%) from Rs 16 Cr (0.04%). The bank plans to add 100-150 branches in the next 15 months to its current network of 517 branches as on December end.