Private sector lender Yes Bank’s net profit dipped 32.2 per cent year-on-year to Rs 152.8 crore in the quarter ended September 30, 2022. In the same quarter last year, its net profit was Rs 225.50 crore. Yes Bank’s net profit in the last quarter was Rs 310.63 crore.
Besides, total income during Q2 FY23 was Rs 6,394.11 crore as against Rs 5,430.30 crore in the same period last year.
The net interest income (NII) climbed by 31.7 per cent YoY to Rs 1,991.4 crore, as compared to Rs 1,512.2 crore last year. The private lender’s asset quality went up and brought down gross non-performing assets (NPAs or bad loans) to 12.89 per cent of gross advances as of September 30, 2022 as against 14.97 per cent by end of September 2021.
Likewise, net NPAs came down to 3.60 per cent from 5.55 per cent. However, provisions for bad loans and contingencies were raised to Rs 582.81 crore for Q2 FY23 from Rs 377.37 crore kept aside for Q2 FY22.
On October 20, the Competition Commission of India (CCI) gave its nod to the proposed Rs 8,900-crore deal wherein two entities have agreed to buy stakes in Yes Bank.
These two entities are CA Basque Investments, part of the Carlyle Group, and Verventa Holdings, an affiliate of funds managed by Advent International. They will acquire 10 per cent stake each in the private sector lender.
The proposed combination involves the acquisition of up to 10 per cent each of the total paid-up share capital and voting rights of Yes Bank by CA Basque Investments and Verventa Holdings, according to official releases.
In July, Yes Bank announced that it will raise equity capital of Rs 8,900 crore from funds affiliated with two private equity investors — Carlyle and Advent International.
