Yes Bank’s fourth quarter profit increased by 123 percent to Rs 452 crore.

Private sector Yes Bank has announced the results for the fourth quarter (January-March) of the financial year 2023-24. The bank’s profit more than doubled to Rs 452 crore in the fourth quarter ending March 31, 2024. In the same quarter of the previous financial year, the bank’s profit was Rs 202 crore.

Yes Bank said in a statement issued on Saturday that the bank’s profit has more than doubled to Rs 452 crore in the fourth quarter ending March 31, 2024. Due to this, the bank had made a profit of Rs 202.43 crore in the same quarter of the previous financial year 2022-23. The bank said that its profit has increased due to reduction in provision for bad loans.

The bank said that Yes Bank has registered a net profit of Rs 1,251 crore in the financial year 2023-24, which is 74 percent higher on an annual basis. The main net interest income of the bank in the fourth quarter of the financial year 2023-24 was Rs 2,153 crore with a slight increase of 2.3 percent, as compared to Rs 2,105 crore in the same quarter of the previous financial year. However, during this period the net interest margin has declined from 2.8 percent to 2.4 percent on an annual basis.

Yes Bank managing director (MD) and chief executive officer (CEO) Prashant Kumar said the bank is still looking to acquire a microfinance unit, which will help it on the PSL (priority sector lending) front. It is noteworthy that the bank’s share has increased by about 12.28 percent in the last one month whereas its share has increased by 63.32 percent in the last six months. In the last one year, it has given a return of 65.92 percent to investors.