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Yes Bank reported a rise of 29 percent in its net profit

New Delhi: Yes Bank a private sector bank has reported a rise of 29 percent in its net profit at Rs 1,179.44 crore in the March quarter of the Financial year 2017-18.

The bank had recorded a net gain of Rs 914.12 crore during January-March of 2016-17. Total revenue grew 27.8 percent to Rs 7,163.95 crore as against Rs 5,606.38 crore in the same quarter of 2016-17, the bank said in an administrative filing.

The net interest revenue was up 31.4 percent at Rs 2,154.20 crore and non-interest revenue increased 13 percent to Rs 1,421 crore during the reported quarter.

The net interest margin - a gauge of profitability -stood at 3.4 percent in March quarter, down from 3.6 percent in the year-ago period. On yearly basis, the net profit (consolidated) of the bank was up 26.7 percent to Rs 4,233.22 crore in 2017-18 as against Rs 3,339.89 crore in 2016-17.

Total income (consolidated) during the year grew to Rs 25,561.75 crore from Rs 20,642.80 crore in 2016-17. The bank's board at a meeting today recommended a dividend of Rs 2.70 per share or 135 percent per share for the year ended March 31, 2018, subject to the approval of shareholders.

On asset front, the gross non-performing assets (NPAs) of the bank were lowered to 1.28 percent of the gross advances as on March 31, 2018, from 1.52 percent at the end of 2016-17.

In absolute terms, gross NPAs or bad loans stood at Rs 2,626.80 crore by end of March 2018 as against Rs 2,016.80 crore by the end of the preceding year.

 The board also approved a proposal to raise up to USD 1 billion in one or more tranches by way of issuance of equity capital, subject to the approval of shareholders.

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