Yes Bank hikes PLR by 50 bps to 17 percent

July 31st, 2008 - 5:31 pm ICT by IANS  

Mumbai, July 31 (IANS) Private lender Yes Bank has increased its prime lending rate (PLR) by 50 basis points (bps) to 17 percent effective Friday, a company statement Thursday said. The Mumbai-based bank has also decided to revise deposit rates for tenure of one year to 18 months by 25 bps to 10 percent and for senior citizens by 75 bps to 10.5 percent per annum, the statement said.

Meanwhile, the bank announced a net profit of Rs.543 million during the first quarter of the current fiscal as against Rs.360 million for the corresponding period previous year, recording a growth of 50.9 percent.

For the latest quarter ending June, the total income increased to Rs.4.86 billion from Rs.3.48 billion in the corresponding quarter last year, an increase of 39.5 percent.

“In the recent challenging market environment, we have sought to ensure high credit quality of assets while maintaining income and growth objectives,” the Yes Bank CEO and managing director Rana Kapoor said in the statement.

In this quarter, the lender had successfully raised Rs.3.64 billion in a combination of Tier I and upper Tier II capital to fund expansion plans during the quarter.

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