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Yes Bank’s Q3 result: Net profit drops 80% to ₹52 crore

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Yes Bank on Saturday posted a drop of 80 per cent in its net profit to 52 crore for the quarter ended December, against 266.43 crore in the corresponding quarter the previous year. The lender said it was largely impacted due to ageing-related provisions.

The bank said its operating profits grew 17 per cent year-on-year to 914 crore in Q3FY23 and the Mumbai-headquartered lender said it is the highest in the past seven quarters.

The cost-to-income ratio improved to 70.7 per cent from 72.8 per cent in the third quarter (October-December), according to the bank statement released on Saturday.

The bank said advances grew 10 per cent y-o-y, deposits’ growth was 16 per cent y-o-y and its balance sheet was up 13 per cent y-o-y.

The bank said its current account saving account (CASA) ratio was 29.9 per cent against 31 per cent in the second quarter (Q2FY23), average CASA improved by 20.3 per cent y-o-y.

The bank said its gross net performing asset (GNPA) ratio was 2 per cent during the third quarter and its net NPA ratio at 1 per cent.

ALSO READ: ICICI Bank Q3 result: Profit up by 34% to 8,312 crore

The bank said a capital raise of 8,900 crore concluded in the October-December quarter and pursuant to this, the lender received 5,093 crore towards equity investments and 948 crore towards warrants application. The bank said this is the second largest private capital raise transaction to take place in the Indian banking sector over the last two decades.

Prashant Kumar, Managing Director and Chief Executive Bank, Yes Bank, said, “During the quarter, the Bank successfully closed two deals which are strategic and transformational in this new journey of the Bank. The successful capital raise has aided in a significant expansion in our Capital Base, and post-full consummation, our CET1 Ratio will reach an extremely comfortable level.”

The MD & CEO said, “Moreover, with the successful transfer of stressed assets to the JC Flowers ARC, the GNPA and NNPA ratios have now declined to 2 per cent and 1 per cent, respectively, which is the lowest since Q3FY19. At the same time, the operational momentum of the Bank continues with further step-up in disbursements across segments and highest Operating Profit in the last eight quarters.”

CET1 ratio compares a bank’s capital against its risk-weighted assets to determine its ability to withstand financial distress.

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Budget 2023: Sitharaman presents digital documents inside bahi-khata style pouch

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Union finance minister Nirmala Sitharaman will present the last full Union budget under the Bharatiya Janata Party-led NDA government before the 2024 Lok Sabha election. Following the trend of last two budgets, the Finance Minister presented the budget for the fiscal year 2023-24 in a paperless form. She carried the budget documents in a made-in-India tablet, which had a red-coloured ‘bahi-khata’ style pouch enclosed with the national emblem in gold.

LIVE| Check out 2023 Budget updates here

She posed for the traditional ‘briefcase’ picture outside her office along with her team of officials before heading to meet the President Droupadi Murmu. She, however, was holding a tablet instead of a briefcase to present the Budget in a digital format.

The tablet was introduced in 2021 in a bid to present India’s first paperless budget amid the ongoing Covid-19 pandemic. During her tenure as Finance Minister, Sitharaman drew the nation’s attention time and again by different modifications during budget session. In 2019, she ditched the age-old tradition to carry a briefcase to the Parliament to present the budget and opted for Bahi Khata, signifying the practice of managing budget in Indian households, small shops and enterprises.

Sitharaman presented the 2020 Union budget in the same format and said that it was time Indai shed the ‘British hangover’. After going paperless, the Union finance ministry also launched the Union Budget Mobile App for the convenience of lawmakers and general public to access the budget documents.

LIVE| Check out income tax live updates here

The word ‘budget’ has its origin in French word ‘bougette’, which means leather briefcase. For years, Finance Minsters have been presenting their yearly budget carrying the documents in leather briefcases to the Parliament. This tradition originated under British rule and India’s first Finance Minister RK Shankmukham carried the first Union budget after India’s independence followed by several other Finance Ministers.

There were some Finance Ministers who carried their budget documents in files instead of the traditional briefcase. Similarly, there have been modifications in the briefcases carried by other ministers. In 1974, Yashwantrao Chavan carried a steel-lined briefcase and Yashwant Singh carried a briefcase with buckles and straps in 1998. In 1991, Manmohan Singh presented the budget carrying documents in a black briefcase similar to a Gladstone box. P Chidambaram carried a leather briefcase similar to that of the British and Arun Jaitley carried a tan briefcase.

(With PTI inputs)


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Budget 2023: Will govt change PPF investment limit? What about income tax slab?

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Union finance minister Nirmala Sitharaman will present the Union Budget 2023-24 in Parliament at 11am on Wednesday – the last full Budget of the Narendra Modi government before the next year’s Lok Sabha election. As always, the middle class will have the highest expectations from the Union Budget 2023–24 since, according to the income tax department, salaried professionals submitted around 50 per cent of their income tax returns (ITR) in 2022.

What are tax slab, PPF expectations from Budget 2023?

Income tax slabs: At present, taxpayers have the option to choose between two income tax regimes while filing taxes. Through these regimes, their income is exempt from tax up to 2.5 lakh and no tax is applicable for up to the income of 5 lakh. Salaried employees are expecting that the Modi government will increase the basic tax exemption from 2.5 lakh to at least 5 Lakh.

Also Read | Budget 2023 Live Updates

Section 80C limit: Under Section 80C of the Income Tax Act, taxpayers are allowed a tax deduction of up to 1.5 lakh for investments in various instruments. These include the senior Citizen Savings Scheme, Public Provident Fund (PPF), 5-year term deposit, National Savings Certificate, etc. Interestingly, this limit has not been revised in the last eight years. Now, the middle class is expecting an additional relief under Section 80C in addition to the current limit of 1.5 lakh.

Also Read | Full Union Budget 2023 coverage

Public Provident Fund (PPF): The Institute of Chartered Accountants of India (ICAI) recently demanded in the pre-budget memorandum 2023 that the PPF investment limit should be increased to 3 lakh per year from the current limit of 1.5 lakh. PPF attracts investors because of the triple tax benefits offered by the scheme. The ICAI said increasing the ceiling of PPF contribution can boost domestic savings and also benefit account holders.

Also Read | Budget 2023, Income tax slab live updates

Bottom line:

The salaried class is expecting exemptions in tax slabs and increasing their take-home income by:

1) Increasing the minimum tax slab from 2.5 lakh to 5 lakh

2) Increasing school fee slab for exemption

3) Increasing limits for 80C

4) Healthcare incentives for lower-salaried people

5) Monetary policy measures to boost savings


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Budget 2023: MoS Finance looks forward to ‘umeedo ka Budget’ for this year

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With only hours left before Union Finance Minister Nirmala Sitharaman tables the Union Budget for the financial year 2023-24, Minister of State for Finance Pankaj Chaudhary on Wednesday said that this budget would match the expectations of the general public and that India’s economy is on track.

In an exclusive interview with ANI, MoS Finance Pankaj Chaudhary said, “Ever since the Modi government has been formed, it brings the budget keeping in mind all the sections of the society.”

LIVE| Check out for 2023 Budget updates here

Union Finance Minister Nirmala Sitharaman will table the Budget 2023 in Lok Sabha today at 11 am.

To a question on tax slab or relief for people belonging to the middle class this time, Chaudhary said, “it is just a matter of few hours, definitely this budget will live up to everyone’s expectations.”

Citing Economic Survey 2022-23, tabled in the Parliament on the inaugural day of the Budget Session, Chaudhary said that India’s economy is on track.

Earlier, in an interview given to ANI, Pankaj Chowdhary had replied to questions about whether the budget will be presented keeping in view the 2024 Lok Sabha election and the upcoming assembly elections.

Read| How are old and new income tax slabs different from each other

Ahead of the Budget session, Union minister of state for finance Pankaj Chaudhary on Tuesday told ANI that “elections keep coming,” the Union Budget for 2023-24 will focus on improving the economic conditions of the people.

“The attention of PM Modi is always there and it will be seen in this budget also,” he said.

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