Yes Bank net profit soars 59% on other incomes

Bank declares maiden bonus shares in 1:1 ratio, and an interim dividend of ₹5 per share

- BENN KOCHUVEEDAN @ Mumbai

THE largest private sector lender HDFC Bank has reported a Street-beating 12.24% year-on-year growth in net profit at ₹18,155 crore for the June quarter helped by good performance across all key metrics, and a ₹10,000-crore one-time income from the initial public offer (IPO) of its non-bank subsidiary last month.

The second largest lender with close to Rs 40 lakh crore balance sheet also declared maiden bonus shares at the rate of 1:1 and an interim dividend of ₹5 per share.

Total income rose to Rs 99,200 crore from ₹83,701 crore in the reporting period of which net interest income came in at ₹31,438 crore, up 5.4%.

On a consolidated basis, total income rose to ₹1.33 lakh crore from ₹1.17 lakh crore a year ago.

The core net interest margin came down from 3.46% to 3.35%, reflecting faster repricing of deposits compared to assets.

The cost-to-income ratio, excluding gains from the HDB Financial IPO, stood at 39.6%.

Gross advances rose 6.7% to Rs 26.53 lakh crore, while total deposits rose 16.2% to Rs 27.64 lakh crore.