On Tuesday, Yes Bank had reported numbers for the fiscal second quarter ending September 2012. The results were slightly better than Street estimates. Net profit rose 30 per cent year-on-year to Rs 306 crore while the net interest income jumped 36 per cent to Rs 524 crore.
The private lender reported a slight decrease in non-performing assets. Gross non-performing assets fell to 0.24 per cent from 0.28 per cent in previous quarter, while net NPA fell to 0.05 per cent from 0.06 per cent. Yes Bank said there were no new restructured loans in the quarter. The bank set aside Rs. 31.7 crore as provisions for bad loans against Rs. 37.87 crore last year.
The lender has also received board approval to foray into the mutual funds business. Last month, the bank had received a retail equities broking licence from the Reserve Bank of India, for which it expects to launch operations during 2013/14 fiscal year. The move will help it bolster its retail business, which has been a key growth area over the last one year.
At 12.05 p.m., Yes Bank shares traded 2.2 per cent higher at Rs 408.15 on the BSE, outperforming the broader BSE Bankex, which traded 0.25 per cent higher.
(With inputs from Thomson Reuters)