Mid-sized Indian private sector lender Yes Bank today reported a 34.7 per cent rise in its net profit at Rs 342 crore for the quarter ended December 2012, on the back expansion in net interest margin and non-interest income growth.
The bank had reported a net profit of Rs 254 crore during the same period previous year. Net interest income rose by 36.7 per cent from a year ago to Rs 584 crore, while non-interest income grew by 48 per cent to Rs 313 crore in the third quarter of 2012-13, the lender said in a filing to the BSE.
Total income of the bank increased to Rs 2,447 crore during the reported period, from Rs 1,895.49 crore in the year-ago period.
Net interest margin (NIM), a key gauge of profitability, of the bank increased to 3 per cent in the third quarter of FY13 from 2.8 per cent in the corresponding period previous year.
"As a result of strong performance...we have witnessed yet another robust quarter with net profit crossing Rs 342 crore. The bank posted strong growth in net interest income on the back of expansion in net interest margin to 3 per cent," Managing Director and Chief Executive Officer Rana Kapoor said in a statement.
Total advances of the bank grew by 22.3 per cent to Rs 43,856.80 crore as of December 31, 2012 from Rs 35,867.80 crore in the year-ago period, it said.
Yes Bank interested in RBS India retail asset:
Yes Bank is interested in acquiring Royal Bank of Scotland Group Plc's (RBS) India retail assets, but has not done a due diligence as of now, its Chief Executive Rana Kapoor said on Wednesday.
The bank will pursue acquisition of retail banking assets as part of its growth strategy, he told reporters, after the bank announced its quarterly earnings.
Yes Bank is in talks to buy the local retail and commercial operations of Royal Bank of Scotland Group Plc, a source with direct knowledge of the matter told Reuters on Tuesday.