Yes Bank announced on Saturday that it returned to full-year profitability in the financial year ended March 2022, posting a profit of £1,066 billion over the year.
The private sector lender had a net loss of £3,462bn for the previous financial year ended March 2021 and a loss of £22,715bn for the 2020 financial year.
Fiscal 22 is the first full-year profit since fiscal 2019, Yes Bank said in a regulatory filing.
In the quarter of the 2021-22 financial year ended in March, the bank recorded a net profit of ₹367 crore.
In the same quarter of the previous financial year 2020-21 there was a net loss of ₹3,788 crore.
Comparing sequentially, fourth quarter FY22 net income increased 38% compared to ₹266 billion in the prior quarter ended December 2021.
Total revenue for the January-March fiscal 22 period increased to €5,829.22 billion from €4,678.59 billion in the same quarter of fiscal 21.
However, total revenue for the full year fell from ₹23,053.53 billion in 2020-21 to ₹22,285.98 billion in 2021-22.
Yes Bank said it saw strong growth in deposits and granular advances during the year and sanctions/disbursements totaled 70,000 crore in various segments in 2021-22.
In terms of asset quality, the Bank’s gross non-performing assets (NPAs) improved to 13.9% of gross advances as of March 31, 2022, from 15.4% a year earlier.
Net NPAs, or bad loans, fell to 4.5% from 5.9%.
Bank MD and CEO Prashant Kumar said: “This transformational journey taking place at Yes Bank has over the past two years resulted in sustained improvement in balance sheet growth, accelerated granularization, improved asset quality trends, improved liquidity and resulted in a stronger capital position.” While the franchise’s core operating profitability continues to improve, the legacy burden has decreased significantly, resulting in net profitability, he added.