In the financial fourth quarter of the financial year 2024, Yes Bank reported a significant increase in net profit, more than doubling to ₹452 crore, marking a 123% rise year-on-year.
This growth was driven by a 2.3% increase in net interest income to ₹2,153 crore from ₹2,105 crore in the same quarter last year.
The bank's gross non-performing asset (NPA) also improved to 1.7% from 2.2% in the same quarter last year.
Analysts and industry observers have expressed positive reactions to the bank's Q4 results, highlighting the sharp reduction in provisions for bad loans and improvement in asset quality as key factors behind this performance.
#YesBank
Celebrating YES BANK’s Continued Success in FY24: A Journey of Excellence and Resilience
I'm thrilled to share the outstanding performance YES BANK achieved in FY24, marking our third consecutive year of profitability. This milestone a testament to the dedication and hard work of our entire team and the trust our stakeholders have placed in us. Together, we have turned challenges into opportunities and continued our growth trajectory.
Key Highlights:
Impressive Growth: The year 2023-24 marked the third straight year of full year profitability with FY24 profits growing by more than ~74% to INR 1,251 crore. Our Bank exited the FY24 with Return on Assets ratio (RoA) of ~0.5% for the quarter ended on March 31, 2024, compared to an RoA of ~0.2% for the quarter ended December 31, 2023.
Milestone Achievement: We proudly crossed the Rs 4 lakh crore mark in our balance sheet size, a significant milestone that bolsters our commitment to innovate and deliver unparalleled value to our stakeholders.
Supporting National Pride: On the occasion of YES BANK’s 4th Foundation Day on March 18, 2024, we announced our partnership with the Indian Olympic Association as the official banking partner for Team India at the Paris Olympics 2024. This initiative reflects the ethos of perseverance and commitment that defines both our athletes and YES BANK.
New products & initiatives launched:
· YES Glory - a bespoke savings account for Olympic athletes and their families, ensuring they have the banking support needed to excel.
· YES Pay Next - a cutting-edge UPI payments app which provides a seamless, secure, and smarter way to manage transactions.
· DigiOD - a digital overdraft facility which offers quick, collateral-free access to overdraft with a limit of up to INR 25 lakh that can be availed within 72 hours
· iris by YES BANK - A comprehensive mobile banking solution that offers end-to-end life cycle management and enables customers to bank ‘on the go
As we move ahead, I am confident in YES BANK’s strong position to seize the upcoming opportunities. Our unwavering commitment to customer-centricity, relentless innovation, and strategic partnerships will continue to propel our growth and help us reach new heights.
#YESBANK#PoisedForGrowth#LifeKoBanaoRich#Q4FY24Results#Q4
Interesting tidbit from Michaud's talk here: The normal rate of consolidation is about 4% per year, although that's slowed recently. He notes that there are now as many credit unions as there are banks in the U.S. #AOBA24
The financial industry is undergoing a rapid acceleration in technology adoption, and First National Bankers Bank (FNBB) recognizes the crucial importance of instant payments for both banks and their customers. This partnership with Aptys equips FNBB clients with a comprehensive suite of robust, best-in-class real-time payment solutions. These market-changing tools are designed to enhance your organization's profitability and competitive edge in the market.
🔗 𝐑𝐞𝐚𝐝 𝐚𝐥𝐥 𝐚𝐛𝐨𝐮𝐭 𝐢𝐭 𝐡𝐞𝐫𝐞: https://lnkd.in/eNgKv2HZ
𝐅𝐨𝐫𝐠𝐞𝐭 𝐣𝐮𝐬𝐭 𝐭𝐚𝐥𝐤𝐢𝐧𝐠 𝐭𝐡𝐞 𝐭𝐚𝐥𝐤 – First National Bankers Bank 𝐢𝐬 𝐰𝐚𝐥𝐤𝐢𝐧𝐠 𝐭𝐡𝐞 𝐰𝐚𝐥𝐤 𝐰𝐢𝐭𝐡 𝐢𝐧𝐬𝐭𝐚𝐧𝐭 𝐩𝐚𝐲𝐦𝐞𝐧𝐭𝐬! As an early adopter of all the #FedNow® Services functionalities through Aptys, FNBB is emerging as a leading expert and trusted resource for its community bank network.
Read our latest blog post to discover how FNBB's unique strategy benefits its customers and how Aptys can help your institution connect to the FedNow Service and RTP™!
#InstantPayments#CommunityBanks#FinancialInnovation
Our team on the ground at #WEF24 shares insights on the battle line between private credit and banks, global fragmentation, and public and private sector collaboration. A good watch for financial services.
During this session at #FXT24, Jack Henry’s
David Foss & Bank Directors Michelle King explore:
➡️ How to get greater depth of wallet
➡️ How to expand your total “addressable” market
➡️ How to develop new ways to go to market
If Harshad Mehta can do all the wrongs and still get 5000 crores from the banks 😲
Then you do all the rights and can get your dream clients to work with you. 💯
Be the confident you. Deliver what you promise. Show up even more against the competition. 💪
Maybe it’s time to take action? 🚀
#harshadmehta#scam1992#dreamclients#digitalmarketing
Our team on the ground at #WEF24 shares insights on the battle line between private credit and banks, global fragmentation, and public and private sector collaboration. A good watch for financial services.
Our team on the ground at #WEF24 shares insights on the battle line between private credit and banks, global fragmentation, and public and private sector collaboration. A good watch for financial services.
Our team on the ground at #WEF24 shares insights on the battle line between private credit and banks, global fragmentation, and public and private sector collaboration. A good watch for financial services.
