Yes Bank falls 2% as gross slippages rise in the first quarter

After the private sector lender reported a 33.3 percent year-on-year (YoY) increase in the gross slippages in the first quarter of FY24 at Rs 1,430 crore compared to Rs 1,072 crore in the year prior, Yes Bank was trading low on July 24 afternoon.

The stock was down 2.49 percent from the previous close as of 1:30 p.m. on the National Stock Exchange, trading at Rs 17.60.

Yes Bank announced a net profit of Rs 342.5 crore on July 22 for the quarter ending in June, increasing 10.3 percent YoY from Rs 314.3 crore in Q1FY23.

The ratio of gross non-performing assets (GNPAs), which was 13.4 percent in the prior quarter, dropped to 2 percent this quarter. The net NPA was 1%, down from 4.2 % in Q1FY23.

Net interest income (NII) rose by 8.1 percent year on year to Rs 2,000 crore for the Mumbai-based institution.

Total deposits increased 0.9 percent sequentially and 13.5 percent year on year to Rs 219,369 crore.  The bank's CASA ratio which is ratio of deposits in current and savings accounts to total deposits, was 29.4% in Q4FY23, down from 30.8 percent in Q1FY23. In Q1FY24, the bank created 3,55,000 new CASA accounts.

Source: Media Reports