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Yes Bank likely to report 17% YoY growth in Q3 net profit

Yes BankBSE -0.62 %, which is scheduled to report earnings for the quarter ended December 30 on Thursday, is projected to post 17 per cent year-on-year (YoY) growth in net profit at Rs 790.50 crore, Kotak Institutional Equities said in a note.

The private sector lender had reported a net profit of Rs 675.7 crore for the year-ago period and Rs 801.50 crore for the previous quarter, the note said.

“We expect PAT growth to slow down as we build in higher provisions related to credit costs. Impairment ratios will rise marginally on a QoQ basis,” the note said.

The Yes Bank stock closed 1.6 per cent higher at Rs 1346.30 on Wednesday.

Net interest income (NII) for the quarter is likely to increase 26 per cent to Rs 1,458.9 crore, compared with Rs 1157 crore reported for the corresponding quarter of last financial year.

The bank expects net interest margin (NIM) to remain flat on a QoQ basis and loan growth to grow nearly 30 per cent. Large treasury gains will support non-interest income growth.

Kotak Institutional Equities has maintained a reduce rating on Yes Bank with a 12-month target price of Rs 1,275.