Yes Bank Q4 net drops 45% to Rs 202 crore

Mumbai: Private sector lender Yes Bank on Saturday posted a 45 per cent decline in its March quarter net at Rs 202 crore.

For the entire fiscal FY23, the bank witnessed a 32.7 per cent decline in its net profit at Rs 717 crore, it said in a regulatory filing.

Profits for both the March quarter and the fiscal year have been impacted by accelerated provisioning, the bank said.

For the quarter under review, its core net interest income grew 15.4 per cent to Rs 2,105 crore, while the non-interest income was up 22.8 per cent to Rs 1,082 crore.

The bank, which had to be rescued in FY20 in a SBI-led effort, backed by both the Reserve Bank and the government, said this is the second consecutive year where it has been able to post profits.