INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Yes Bank has actually been the outlier among private lending institutions this quarter (ending December 2022), with its net
profit dropping 81% even as other banks reported sharp increases in their earnings
Other loan providers that reported greater Q3 earnings on Saturday include ICICI Bank, Kotak and IDFC.Most banks have actually reported
strong development in revenues as RBIs succeeding rates of interest walkings have actually allowed them to increase return on their loans,
which have actually been growing strongly, even as interest rates on deposits inched up at a slower rate
Banks might grow loans quicker than deposits as they have plenty of unused funds due to low credit demand in the previous financial
year.ICICI Bank reported a 34% increase in its revenue after tax to Rs 8312 crore for the quarter ending December 2022 compared to Rs 6914
crore in the corresponding quarter last year
For the nine months ending December 2022, the bank reported a net profit of Rs 22,775 crore, a 39% increase for many years
The increase in net earnings was generally due to the dive in net interest income, which grew by 34.6% year-on-year to Rs 16,465 crore in
Q3-2023 from Rs 12,236 crore in Q3-2022
Yes Bank reported a net earnings of Rs 51.5 crore, a drop of 81% from the third quarter in FY22
Yes Banks decline in net earnings was in spite of the banks operating earnings rising 17% to Rs 914 crore throughout Q3FY23
Despite an excellent operational efficiency, its bottom line took a hit since of a boost in provisioning to Rs 845 crore
Revealing the results, Yes Bank MD - & CEO, Prashant Kumar said that the bank had actually gotten legal opinion and decided to appeal versus
The bank had received six weeks leave from the Bombay high court to appeal.Kotak Mahindra Banks net revenue increased 31% to Rs 2,792 crore
in Q3FY23 from Rs 2,131 crore in 2015
The banks net interest income rose 31% to Rs 5,653 crore in Q3FY23 from Rs 4,334 crore a year back
Meanwhile, IDFC First Bank stated that its net revenue more than doubled to Rs 605 crore in the 3rd quarter from Rs 281 crore in the
The banks net interest income rose 27% to Rs 3,285 crore from Rs 2,580 crore in the 3rd quarter of FY22
