Strong Growth in Yes Bank's Q1 Earnings: Net Profit Soars 10% at ₹342 Crore, Total Income Surges 29% to ₹7,584 Crore

On the momentous occasion of Saturday, July 22, Yes Bank, the esteemed private-sector lender of our nation, unveiled its April-June quarter results for fiscal year 2023-24 (Q1FY24). Amid eager anticipation, the bank proudly announced a remarkable 10% rise in net profit, soaring to an impressive ₹342 crore, a significant leap from ₹310.63 crore recorded in the corresponding period of the previous year.

The financial world awaits with bated breath as Yes Bank's live blog on the Q1FY24 earnings promises to deliver the most up-to-date insights and developments from this leading financial institution. Stay connected to stay informed and witness the unfolding of this noteworthy financial event!

ALSO READ: 

Total income in Q1FY24

During the first quarter of fiscal year 2023-24 (Q1FY24), Yes Bank demonstrated a remarkable performance, with its total income reaching a commendable ₹7,584.34 crore. This impressive figure reflects a notable surge of nearly 29% compared to its total income of ₹5,876.01 crore in the corresponding period of the previous fiscal year.

Furthermore, on a sequential basis, the bank continued to exhibit strong growth, with a 5% increase in total income, reaching ₹7,220.12 crore in the fourth quarter of fiscal year 2022-23 (Q4FY23).

Yes Bank's steadfast pursuit of excellence and its ability to achieve substantial financial growth underscore its position as a prominent player in the financial landscape. As the institution continues to chart its course, its performance remains a subject of keen interest and admiration within the financial community.

Targeting recovery of ₹5,000 crore in 2023

Prashant Kumar, the esteemed figure at Yes Bank, expressed the institution's ambitious vision for the full year, aiming for a robust recovery of over ₹5,000 crore. Looking ahead with confidence, he reassured stakeholders that any concerns regarding repricing pressure on the liabilities book would be resolved after Q2 of the current year.

Addressing a pertinent matter related to pricing, Prashant Kumar acknowledged the existence of a mismatch and emphasized the bank's unwavering commitment to preserving its principles and standards. The institution remains resolute in avoiding compromises that could potentially compromise its integrity.

In this post-earnings concall, Prashant Kumar's remarks reflect the bank's determination to navigate challenges, pursue sustainable growth, and uphold its position as a trusted financial entity. As Yes Bank charts its course, stakeholders can be assured of its steadfast dedication to prudent strategies and ethical practices.