Yes Bank Announces Financial Results For The Quarter Ended June 30, 2024

Yes Bank Announces Financial Results For The Quarter Ended June 30, 2024Commenting on the results and financial performance, Mr. Prashant Kumar, Managing Director & CEO, YES BANK said, “The Bank has started the financial year on a strong footing with RoA sustaining Q-o-Q at 0.5% despite seasonality of Q1 and NIL PSL shortfalls. While the Income Engines are continuing to fire with normalised Net Income Growth at 15% Y-o-Y, the Bank has been able to contain the Operating Cost growth at 8.0% Y-o-Y (ex- PSLCs). At the same time, the resolution momentum continues to be strong, leading to lower Net Credit Costs, which is also aiding in RoA expansion.

On the Balance Sheet front, the Bank is effectively executing its strategic objectives of sustained momentum in SME and Mid- Corporate segments, resumption of growth in Corporate segment and calibration in Retail Assets with focus on profitability. Similarly, the Retail and Branch Banking led Deposits continue to grow at faster pace than Wholesale Deposits.

Other key highlights of the quarter were i) exercise of outstanding Warrants by the Private Equity Investors, and ii) Credit Rating Outlook upgrade by Moody’s and Credit Rating upgrade by ICRA- these external stakeholder validations reinforce faith & confidence in the growth and profitability expansion trajectory of the franchise.”