YES Bank reported a 55% year-on-year (YoY) growth in net profit for the December quarter, driven by lower provisions. The bank’s net profit was at Rs 951.62 crore, higher than Bloomberg estimates of Rs 782 crore. Provisions fell 91.5% YoY to Rs 22 crore from Rs 259 crore, aiding the lender’s bottomline. However, the bank’s interest income was down 3.6% to Rs 7,543 crore during the period. Margin Resilience The lender was able to bring down its total expenditure despite incurring cost of Rs 155 crore from new labour codes. The total expenses stood at Rs 7,942 crore during the December quarter, down 3.9% on year.