India’s Yes Bank posts 47% rise in Q2 quarterly profit

MUMBAI (Reuters) – India’s Yes Bank reported a 47% increase in quarterly net profit on Saturday, helped by a drop in loan-loss provisions and healthy loan growth.

The Mumbai-based private lender’s standalone net profit rose to 2.25 billion Indian rupees ($27.1 million) for the July-September quarter from 1.53 billion rupees for the same period a year earlier.

That was lower than analysts’ average forecast of 2.61 billion rupees, according to LSEG data.

Yes Bank’s provisions dropped to 5 billion rupees from 5.83 billion rupees last year.

Net interest income, the difference between a bank’s interest earned and paid, declined slightly from a year earlier 19.25 billion rupees from 19.91 billion rupees.

Its gross non-performing asset (NPA) ratio was at 2% at the end of September, unchanged from the end of the previous quarter.

(Reporting by Siddhi Nayak; Editing by William Mallard)