Yes Bank Q3 profit rises 22%, beats expectations

Private sector lender Yes Bank Ltd reported a 22 per cent rise in third-quarter net profit, slightly above analysts' estimates.

Net profit rose to Rs 1,077crore ($168.86 million) in the quarter ended December 31 from Rs 883 crore a year earlier in the same period. Yes Bank is the country's fifth-largest private bank by assets.

Analysts on average had expected a net profit of Rs 1,075 crore, Thomson Reuters data showed.Gross bad loans as a percentage of total loans stood at 1.72 per cent at end-December, compared with 1.82 per cent in the previous quarter and 0.85 per cent a year earlier.

Net interest income rose 26.8 per cent to Rs 1,889 crore while the net interest margin stood at 3.5 per cent.