Yes Bank on Saturday said it returned to full-year profitability in the fiscal ended March 2022, registering a profit of ₹1,066 crore during the year.
The private sector lender had posted a net loss of ₹3,462 crore in the previous fiscal year ended March 2021 and a loss of ₹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 ₹367 crore.
There was a net loss of ₹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% from ₹266 crore in the preceding quarter ended December 2021.
Total income during January-March period of FY22 increased to ₹5,829.22 crore from ₹4,678.59 crore in the same quarter of FY21.
The full-year total income, however, was down at ₹22,285.98 crore in 2021-22 from ₹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 ₹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% of the gross advances as of March 31, 2022 from 15.4% a year earlier.
The net NPAs or bad loans came down to 4.5% from 5.9%.
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 granularisation, improving asset quality trends, enhanced liquidity and stronger capital position over the past two 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.