Yes Bank Q3 net profit up 21% at Rs 415.6 crore

Private player Yes Bank on Wednesday reported a 21.4% rise in net profit at Rs 415.6 crore for its third quarter ended December 2013.

Private player Yes Bank on Wednesday reported a 21.4% rise in net profit at Rs 415.6 crore for its third quarter ended December 2013.

It had reported net profit of Rs 342.3 crore during the same period of the 2012-13 fiscal, Yes Bank said in a statement.

The Q3, 2013-14, net interest income rose by 13.3% to Rs 665.4 crore as compared to Rs 584.3 crore in the same quarter of previous fiscal.

The total Q3 income of the bank increased to Rs 2,902 crore, from Rs 2,446.83 crore in the year-ago period.

However, the net interest margin (NIM), a key gauge of profitability, of the bank declined to 2.9% from 3% in the third quarter of of corresponding period previous year.

The 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.