YES BANK Q4 Results: Net Profit at ₹452 Crore, up 123.2% YoY

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Synopsis:

 YES BANK’s growth trajectory has grown tremendously in Q4FY24. With a Net Interest Margin (NIM) holding steady Q-o-Q at 2.4%. The company’s non-interest income was at 56.3% Y-o-Y and 31.3% Q-o-Q and its RoA for Q4FY24 was at 0.5% v/s. 0.2% in Q3FY24 & Q4FY23. The company’s balance sheet also crossed ₹4 lakh crore during the quarter.

Introduction

Being a full-service commercial bank, YES BANK  has its headquarters in Mumbai. The bank offers a wide variety of products, services, and digital solutions to its customers. YES BANK caters to Retail, MSME, and Corporate clients. With a pan-India presence, the bank also has an International Banking Unit (IBU) at GIFT City and a Representative Office in Abu Dhabi. Amongst the products offered by the bank, some include transaction banking, investment banking, MSMS solutions, and mobile banking. YES BANK has also recorded a gradual improvement in Asset Quality metrics with GNPA at 1.7%, NNPA at 0.6%, and PCR at 66.6%. This quarter has proven to be quite beneficial for the bank. 

Explore: Yes Bank Limited Share Price

5 Key Financial Highlights

YES BANK’s Q4 FY2023-24 results have provided insight into the steady growth of the company. Here are the five key financial highlights of YES BANK’s Q4 results:

  • Net Profit for Q4FY24 at ₹452 Crs up 123.2% Y-o-Y & 95.2% Q-o-Q. FY24 Net Profit at ₹1,251 Crs up 74.4% Y-o-Y 
  • Non-interest income has a strong momentum across diverse and granular fee streams: Q4FY24 up 56.3% Y-o-Y and 31.3% Q-o-Q. FY24 Non-Interest Income up 38.8% Y-o-Y 
  • Net Provision Costs lower (down 23.8% Y-o-Y for Q4FY24 and 15.0% Y-o-Y for FY24)
  • RoA for Q4FY24 at 0.5% v/s. 0.2% in Q3FY24 & Q4FY23
  • Balance Sheet crossed ₹4 lakh Crs during the Quarter  

Additional Read: Yes Bank- A Comprehensive Overview

Key Business Updates:

  • In their partnership with PayTM, the bank is offering services to both existing and new Consumers (as PSP Payment Bank) and Merchants (collections). It also provides settlement services 
  • The Indian Olympic Association (IOA) has brought YES BANK as their Official Banking Partner for team India for the Paris Olympics 2024 
  • The Bank continued to expand its digital footprint in Q4 with partnerships that established the bank’s trust in the capabilities and technology infrastructure of the Bank.
  • Launched YES Pay Next, a cutting-edge UPI payments app that provides a seamless, secure, and smarter way to manage transactions 
  • YES BANK also became the first Indian bank to conduct Export Finance Transactions on RXIL’s (Receivables Exchange of India Limited) ITFS (International Trade Finance Service) platforms

Additional Read: 129 Indian Companies to Release Q4 Results

Profitability Analysis:

This Q4 has been particularly good for YES BANK. With a net profit of ₹452 Crs up 123.2% Y-o-Y & 95.2% Q-o-Q. FY24 and another net profit of ₹1,251 Crs up 74.4% Y-o-Y, the bank has been on a growth spurt this FY24. The operating profit for Q4FY24 also stood at ₹902 Cr, which was up by 1.5% Y-o-Y and 4.4% Q-o-Q. The operating profit of the bank for FY24 was ₹3,386 Crs up 6.4% Y-o-Y. Apart from all this the bank also received Income Tax refunds aggregating to ₹247 Crs during the quarter. YES BANK also received investments of ₹90,235 Cr up 17.4% Y-o-Y and had borrowings of ₹79,941 Cr up 3.2% Y-o-Y. 

Additional Read: Quarterly Results

Major Operational Metrics - Consolidated Q4 (FY2023-24) Financial Results of YES BANK (in ₹ Crore)

Source: YES BANK Press Release

The Future of YES BANK

Over the years of operating as a bank, YES BANK has experienced remarkable growth across all facets of its operations. This quarter in particular has demonstrated a massive step in the RoA expansion journey. With the bank’s Q4FY24 RoA expanding to 0.5%, this is one of the many aspects that prove it. The strengthening of the Asset Quality metrics like the NNPA + Net Carrying value of SRs getting more than halved over the year to 1.1% from 2.4% in FY23 is another aspect that has shown the growth of the bank. Even with the challenging environment during the year, the bank’s CASA ratio has expanded 10 bps Y-o-Y to 30.9%. With the fifth year of the bank’s journey beginning, it is keen on remaining focused on sincerely executing the RoA expansion roadmap.

Additional ReadAnnual Results

Conclusion

From being a full-service commercial bank, YES BANK headquartered in Mumbai, to offering a variety of products, services, and digital solutions to its customers YES BANK has come a long way. It has become the Official Banking Partner for team India for the Paris Olympics 2024 brought to them by The Indian Olympic Association (IOA) and the first Indian bank to conduct Export Finance Transactions on RXIL’s ITFS platforms. The future for the bank does indeed look bright.

Results for the Fourth Quarter and Full Year Ended March 31, 2024

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Frequently Asked Questions

What was the YES BANK Net Profit Earned for Q4?

Answer Field

The Net Profit earned by YES BANK for Q4FY24 stood at ₹452 Crs up 123.2% Y-o-Y & 95.2% Q-o-Q. FY24 Net Profit at ₹1,251 Crs up 74.4% Y-o-Y

What is the future outlook for YES BANK after the release of the Q4 results?

Answer Field

The future for the bank does indeed look bright. The strengthening of the Asset Quality metrics like the NNPA + Net Carrying value of SRs getting more than halved over the year to 1.1% from 2.4% in FY23 is another aspect that has shown the growth of the bank. Even with the challenging environment during the year, the bank’s CASA ratio has expanded 10 bps Y-o-Y to 30.9%. It only looks up from here.

What are some of the main business updates for YES BANK?

Answer Field

YES BANK has seen tremendous growth in the past year, Here are some of the main business updates of the company:

  • In their partnership with PayTM, the bank is offering services to both existing and new Consumers (as PSP Payment Bank) and Merchants (collections). It also provides settlement services 

  • The Indian Olympic Association (IOA) has brought YES BANK as their Official Banking Partner for team India for the Paris Olympics 2024 

  • The Bank continued to expand its digital footprint in Q4 with partnerships that established the bank’s trust in the capabilities and technology infrastructure of the Bank.

  • Launched YES Pay Next, a cutting-edge UPI payments app that provides a seamless, secure, and smarter way to manage transactions 

  • YES BANK also became the first Indian bank to conduct Export Finance Transactions on RXIL’s (Receivables Exchange of India Limited) ITFS (International Trade Finance Service) platforms

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