(MENAFN - Khaleej Times) In an emailed statement toKhaleej Times on Saturday, India's fourth largest private sector bank reported Rs4.15 billion net profit for the December quarter supported by a higher net interest income and lower provisioning compared to Rs3.42 billion announced in the corresponding quarter of the last year. The lender's net interest income in the third quarter increased year-on-year nearly 14 per cent to Rs6.65 billion
"Yes Bank has recently received approval from the UAE Central Bank ". to set up a representative office in Abu Dhabi, UAE which will be the bank's maiden international beginning," Rana Kapoor, managing director and chief executive officer of Yes Bank said in the statement. Commenting on the results and financial performance, Kapoor said: "Yes Bank has delivered a satisfactory quarter of financial performance despite a challenging economic environment.
During the year the bank has further invested in its branch network, which is generating increasing granular and CASA deposits. The bank has maintained NIMs and delivered consistent RoA and RoEs despite the tightening interest rate environment, Kapoor said, adding: "The bank continues to generate satisfactory returns resulting in improving Core Tier I as per Basel III norms.
The bank managed to keep the net interest margins (NIMs) steady at 2.9 per cent, though on year-on-year basis, NIMs fell 10 basis points from 3 per cent. Non-interest income at the bank was up 23.9 per cent year-on-year at Rs3.88 billion. The bank's non-interest income grew by 23.9 per cent year-on-year to Rs3.88 billion for on the back of continued growth across all fee income streams
Stable growth in advances and deposits recorded as total advances grew by 14.7 per cent to Rs502.99 billion as at December 31, 2013. Corporate & Institutional Banking accounted for 68 per cent of the customer assets portfolio, Commercial Banking accounted for 14.7 per cent and Retail Banking at 17.3 per cent
Total deposits grew by 20.7 per cent to Rs680. 60 billion as at December 31, 2013. The Bank's Balance Sheet grew by 16.5 per cent to Rs1.014 trillions at December 31, 2013