Yes Bank profit rises 56.2%

Yes Bank has reported a growth of 56.26 per cent in net profit to Rs 156.4 crore for the quarter ended June 30 on the back of good credit growth and improved margins.

The bank had posted a net profit of Rs 100.1-crore during the corresponding quarter of the previous fiscal. The bank also reported an increase of 28.38 per cent in total income during the first quarter to Rs 883.03 crore against Rs 687.85 crore during the year-ago period.

“We should raise Rs 1,500 crore of upper tier II and lower tier II capital by March,2011,” YES Bank Managing Director and CEO Rana Kapoor said.

The money will be raised for funding infrastructure growth and agri growth,Kapoor said,adding that it would also provide an opportunity to the bank to provide long-term loans to infrastructure companies.