Private sector lender Yes Bank on Saturday reported a 46.7 per cent growth in net profit to Rs 502 crore for the June 2024 quarter, helped by a reduction in provisions. The city-headquartered bank's core net interest income rose 12.2 per cent to Rs 2,000 crore. Its net interest margin stayed flat at 2.4 per cent.
Finance Minister Nirmala Sitharaman on Wednesday announced a 66 per cent hike in the Pradhan Mantri Aawas Yojana (PMAY) outlay to Rs 79,000 crore.
Yes Bank on Saturday reported over two-fold jump in standalone net profit at Rs 452 crore for March quarter 2023-24, primarily due to benefits on the provision front. In the year-ago quarter, the bank logged a profit of Rs 202.43 crore. The private sector lender benefitted from write-back on income tax and interest on income tax returns, but the profits were limited by its inability to comply with the mandatory priority sector lending (PSL) requirements, its management said.
'As these segments are growing at 25 per cent for the last three years, credit quality has been extremely good.'
The corpus of the Rural Infrastructure Development Fund (RIDF), which is the main instrument of the government to channelise bank funds for financing rural infrastructure, has been increased from Rs 5,500 crore (Rs 55 billion) in 2003-04 to Rs 14,000 crore (Rs 140 billion) for the year 2008-09 ensuring greater availability of funds for its activities.
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According to SBI executives, the aim is to do things efficiently with an eye on profitability, and get a feedback on areas, including which business to enter and which to exit.
The Prime Minister's Office has suggested that EPFO should deploy 15 per cent of its funds as loan for low cost housing saying it would generate a credit flow of Rs 70,000 crore (Rs 700 billion).
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Farmers have been availing crop loans upto Rs 300,000 at 7%.
The bank had posted a 14.9 per cent rise in deposits in FY13, with the last two quarters witnessing headwinds, partly due to the bank's decision to test the market by lowering its offering.
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