Private sector bank Yes Bank has posted a net profit amounting to Rs. 140 crore for the last quarter of the financial year ended on 31st March 2010. This is a 75% increase as against the Rs. 80.1 crore for the same duration previous year.
This has been the highest net profit earned by the bank from the time it was listed in 2004. The increase in bottomline (net profits) is due to the increase in the advances, including personal loans which raised the net interest income (NII).
The advances of the bank displayed an increase by about 79% to Rs. 22, 193 crore in the year ended 31st March 2010 while NII went up to Rs 788 crore. NII for the quarter showed a 63% increase to Rs 244 crore.
Rana Kapoor, the founder, MD and CEO of Yes Bank, said, “The bank has delivered a robust financial performance with a sustainable net interest income and exceptional credit growth. Over the last 22 quarters, we have substantially built our corporate and branch banking businesses through concerted efforts with a strong demonstration of knowledge banking and relationship management competencies.”
He said that the bank would be increasing operations in commercial banking, retail, small and medium enterprises and also in deposits so as to get a balance sheet worth Rs 1,50,000 crore and an all-India network of 750 branches with 12,000 employees by 2015.