Wednesday April 22, 08:21 PM

Yes Bank Jan-March net up 24 pct, beats forecast

MUMBAI (Reuters) - Yes Bank (YESBANK.NS : 248.85 -1) on Wednesday beat forecasts by posting a 24 percent rise in net profit in the quarter to March, on steady loan growth in FY09 resulting in better net interest income.

Net profit for the three-month period was 801.1 million rupees, up from 645 million a year ago. A Reuters poll of brokerages had estimated net profit at 587.33 million rupees.

The bank's loans rose 31.5 percent to 124.03 billion rupees in 2008/09, Rana Kapoor, managing director and CEO, told Reuters over phone.

During the January-March period, net interest income rose 45 percent to 1.55 billion rupees following the rise in loan book in FY09, he said.

"We also gained from non-interest income of 898 million rupees and by controlling our expenses," Kapoor said.

The bank's capital adequacy ratio stood at 16.63 percent, while the net interest margin was 3 percent, he added.

"We are well capitalised and there is no need to raise funds in the next 16-18 months."

Shares in the bank ended 3.94 percent down at 76.70 rupees in the Mumbai market.