Led by robust growth in interest income, Yes Bank on Wednesday reported a 58 per cent rise in net profit at R176 crore during the second quarter ended September 2010, against Rs 112 crore in the year-ago period.
“This (better result) has been achieved on the back of sustainable net interest income growth and increase in advances,” said Rana Kapoor, MD and CEO, Yes Bank.
Net interest income during the quarter increased by 78 per cent to Rs 313 crore due to healthy growth in advances and investments coupled with steady net interest margin (NIM). NIM for the quarter stood at 3.0 per cent compared to 3.1 per cent in the same quarter last year.
Total advances during the quarter grew by 86.3 per cent to Rs 30,348 crore, while investments grew by 107 per cent to Rs 14,455 crore during the July-September quarter.