Yes Bank net profit jumps by 28% on core income

Mumbai : Private sector player Yes Bank, which reported a 27.7% growth in net profit at Rs 551.2 crore on higher core income in the June quarter, said it is looking at entering the mutual fund business possibly through an acquisition. Core net interest income rose 42.2 % to Rs 1,060 crore, while non- interest income moved up 32% to Rs 413.6 crore. Yes Bank’s CFO Rajat Monga said a dip of over 0.50% in the cost of funds year-on-year and an increase in the share of low cost CASA deposits to 23.4 %, helped the bank net in a 0.30% improvement in net interest margin to 3.30%.