Private sector lender Yes Bank has reported a 10.26% YoY growth in its net profit to Rs 342.5 crore for the first quarter of the current fiscal year.

The bank’s gross non-performing assets stand at 2%, which shows a healthy improvement for the quarter compared to 13.4% in the corresponding quarter of the previous fiscal.

The net non-performing assets for the quarter under review stood at 1% compared to 4.2% in the year-ago quarter.

Yes Bank’s net interest margin stands at 2.5%, up by 10 basis points YoY, whereas the non-interest income is Rs 1,141 crore, up 54% and 13.7% from the previous quarter.

Total deposits for the Q1FY24 stood at Rs 219,369 crore, whereas the current account savings account (CASA) ratio is 29.4% against the 30.8% in the previous quarter.

The bank opened 355,000 new CASA accounts in the April-June quarter of the current fiscal year.

Prashant Kumar, Managing Director and CEO of Yes Bank said, “Q1FY24 was a steady quarter where we have demonstrated significant progress in line with our strategic objectives. While the balance sheet granularity momentum continued, we also delivered strong growth in our fee income while containing our operating and credit costs.”

Kumar added, “With the focus of the bank now firmly aligned towards improving the profitability of the franchise, over the coming quarters, we will continue to work on levers that further accelerate this momentum such as improvement in NIMs and CASA ratio, reducing the drag from legacy PSL requirements, further cross-sell and product penetration.”