Yes Bank has announced a net profit of Rs 231 crore in the third quarter of FY24, marking a substantial growth from the corresponding quarter in the previous year. This surge in profit is mainly due to the sharp decrease in provisions, which amounted to Rs 555 crore, compared to Rs 845 crore in the same quarter last year. On the other hand, operating profits saw a slight decline, coming in at Rs 864 crore, down by 5.4%. The bank’s net interest income witnessed minimal growth, reaching Rs 2,017 crore, a mere 2.3% increase year on year. However, non-interest income experienced a healthier rise of 12%, reaching Rs 1,195 crore. Operating expenses also rose by 10%, totaling Rs 2,347 crore.

Additionally, Yes Bank is currently facing a legal challenge as the Supreme Court prepares to hear a petition against a Bombay High Court order, which stayed the bank’s decision to write down Additional Tier 1 bonds worth Rs 8,415 crore. This write-down was part of the bank’s government-notified reconstitution plan in 2000.

Despite the legal proceedings, Prashant Kumar, Managing Director and CEO of Yes Bank, expressed his satisfaction with the bank’s performance, stating that they had a reasonably good quarter. He highlighted the deposit growth, excluding certificates of deposits, which stood at 15% year on year, surpassing the 13.6% growth in advances. Kumar also noted that the bank successfully added nearly four lakh new current and savings accounts, with 96% of the savings accounts opened digitally. Furthermore, Yes Bank expanded its branch network by 14 branches during the last quarter, bringing the total expansion for the current fiscal year to 50 branches.