Yes Bank’s Q4 net profit up 29%

Mumbai: Lending major Yes Bank on Thursday reported a 29 per cent increase in net profit for the fourth quarter (Q4) of 2017-18.

According to the lender, its net profit during the quarter under review rose to Rs 1,179.4 crore from Rs 914.1 crore reported for the corresponding period of last fiscal.

The bank said that its net interest income (NII) for the said quarter grew by 31.4 per cent to Rs 2,154.2 crore from Rs 1,639.7 crore earned during the corresponding quarter of the previous year.

On a financial year basis, the bank reported a growth of 26.9 per cent in its net profit for the year ended on March 31, 2018, to Rs 4,224.6 crore from Rs 3,330.1 crore for the previous year.

The 2017-18 NII rose by 33.5 per cent to Rs 7,737.1 crore from Rs 5,797.3 crore for the previous year.

“FY18 has been a landmark year in Yes Bank’s ‘Large Bank Growth Phase’ with the bank crossing significant milestones in size, outreach and granularity while continuing to deliver on satisfactory earnings,” Yes Bank’s Managing Director & CEO Rana Kapoor was quoted as saying in a statement.

“As we step into the 4th year (FY18-19) of this current 5 year ‘Large Bank Growth Phase’ (up to March 31, 2020), we remain well positioned to deliver on growth and earnings while preserving asset quality, and continuing to invest in digital and technology initiatives towards making Yes Bank a cutting edge digital home country Indian bank.”