Yes Bank on Saturday said it returned to full-year profitability in the fiscal ended March 2022, registering a profit of Rs 1,066 crore during the year.
The private sector lender had posted a net loss of Rs 3,462 crore in the previous fiscal year ended March 2021 and a loss of Rs 22,715 crore in FY20.
FY22 is the first full-year profit since FY19, Yes Bank said in a regulatory filing.
In the quarter ended March of the fiscal year 2021-22, the bank registered a net profit of Rs 367 crore.
There was a net loss of Rs 3,788 crore in the same quarter of the previous fiscal year 2020-21.
Compared sequentially, the net profit in Q4 FY22 rose by 38 per cent from Rs 266 crore in the preceding quarter ended December 2021.
Total income during January-March period of FY22 increased to Rs 5,829.22 crore from Rs 4,678.59 crore in the same quarter of FY21.
The full-year total income, however, was down at Rs 22,285.98 crore in 2021-22 from Rs 23,053.53 crore in 2020-21.
Yes Bank said it witnessed strong growth in deposits and granular advances during the year and the sanctions/disbursements stood at Rs 70,000 crore across various segments in 2021-22.
On the asset quality front, the bank’s gross non-performing assets (NPAs) improved to 13.9 per cent of the gross advances as of March 31, 2022 from 15.4 per cent a year earlier.
The net NPAs or bad loans came down to 4.5 per cent from 5.9 per cent.
The bank’s MD and CEO Prashant Kumar said: “This transformation journey taking place at Yes Bank has resulted into sustained improvement in balance sheet growth, accelerated granularization, improving asset quality trends, enhanced liquidity and stronger capital position over the past 2 years.”
While the core operating profitability of the franchise continues to improve, the drag from legacy stressed assets has significantly reduced, resulting into net profitability, he added.