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YES Bank Q4 net beats estimates at Rs 430 crore

Thursday, 24 April 2014 - 7:30am IST | Place: Mumbai | Agency: dna

YES Bank, the fourth largest private sector bank, beat street expectations by reporting fourth quarter (Q4 ending March 31) net profit of Rs 430.20 crore, which was higher YoY by 18.8% from the previous year's Q4 of Rs 362 crore.

For FY14, the bank's net profit rose by 24.4% to Rs 1,617.8 crore.

Rajat Monga, senior group president and CFO of YES Bank, said the bank has been able to deliver steady performance across verticals despite the challenges in the economy.

The bank has declared a dividend of Rs 8 per share for FY14 subject to shareholders' approval, an increase of 33.3% over FY13.

According to market participants, analysts had expected a net profit ranging between Rs 404-420 crore for the quarter. The bank's net interest income in Q4 grew 2.8% YoY to Rs 719.60 crore, while for the year it was up 22.4% at Rs 2,716.30 crore.

Non-interest income was up YoY 17.4% to Rs 445.50 crore on the back of continued growth across all fee income streams. For the entire fiscal it stood higher by 36.9% at Rs 1,721.60 crore.

Quality of non-performing assets (NPAs) showed marked improvement over the previous December (Q3FY14) quarter following recoveries and write-offs. As a proportion of net advances, NPAs declined to 0.05% in Q4FY14 from 0.08% in Q3FY14.

The bank's total restructured advances were Rs 100.9 crore in FY14 and comprised 0.18% of gross advances. It's current and savings account (CASA) deposits grew 28.8% to Rs 16,344.70 crore during the year. This has led to improved CASA ratio to 22% from 18.9%, a year ago.

YES Bank said the strong traction in CASA was on the back of increased branch network, enhanced savings product offerings and steady improvements in productivity. The bank added 43 branches during Q4 and has plans to expand the number of branches from the present 560 to 700 by FY15.

For the year, capital adequacy ratio (as per Basel-III norms) was at 14.4% as against the previous year's 18.3% which was as per Basel-II norms and hence cannot be compared.

YES Bank stock on the NSE ended 1.61% higher at Rs 441.35.

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