Yes Bank Shares Soar 20% On March Quarter Earnings

Yes Bank reported a net profit of Rs 2,628.61 crore for quarter ended March 31, as against a loss of Rs 1,506.64 crore for the same period a year ago.

Yes Bank Shares Soar 20% On March Quarter Earnings

Yes Bank: The total interest income fell 7.47 per cent to Rs 5,221.34 crore in the quarter.

Yes Bank shares jumped nearly 20 per cent on Thursday, a day after the private sector lender reported its earnings for the January-March period. After market hours on Wednesday, Yes Bank posted a net profit of Rs 2,628.61 crore for the quarter ended March 31, as against a loss of Rs 1,506.64 crore for the corresponding period a year ago. The Yes Bank share price soared as much as 19.92 per cent to touch the Rs 31.60 mark on the BSE.

Yes Bank said its net interest income (NII) - or the difference between interest earned and interest expended - stood at Rs 1,274 crore in the March quarter, growing 19.6 per cent sequentially, on account of lower slippages. 

The bank's total interest income, however, fell 7.47 per cent to Rs 5,221.34 crore in the fourth quarter of financial year 2019-20.

The Union Cabinet had approved Yes Bank's reconstruction scheme as proposed by Reserve Bank of India (RBI) in March, thereby opening the door for State Bank of India (SBI) to invest up to 49 per cent equity in Yes Bank and maintain a minimum holding of 26 per cent in the troubled for three years.

A clutch of other investors too joined the rescue act, with HDFC and ICICI Bank investing Rs 1,000 crore each, and Axis Bank and Kotak Mahindra Bank investing Rs 600 crore and Rs 500 crore respectively in Yes Bank.

At 10:03 am, Yes Bank shares were up 11.95 per cent at Rs 29.50 apiece on the BSE, outperforming the benchmark S&P BSE Sensex index which was down 0.13 per cent amid choppy trade.