Yes Bank, private sector lender, reported better-than-estimated earnings for the September quarter (Q2) on the back of of 31 per cent growth in the bank’s net interest income, thereby sending its 2 per cent shares higher.
The net profit of Yes Bank grew 32 per cent annually to Rs.802 cr in Q2, as compared to Rs.610 cr in the year-ago quarter. The bank’s NII - net interest income, the excess of interest earned over interest paid on the deposits, grew to Rs. 1,446 cr, as against Rs. 1,108 cr year-on-year (YoY). Meanwhile, Yes Bank share price was trading 1.97 per cent higher at Rs.1316.95 on the NSE today.
Market analysts had estimated Yes Bank's net profit at Rs. 777 cr, while its NII was seen growing to Rs. 1,388 cr. Another market analyst said that it had outperformed the industry in terms of profit growth, asset quality and loan growth. The valuation of the bank could improve further if it maintains this kind of growth, he added.
Other income, which includes fee incomes from selling 3rd party products, forex gains and financial advisory fees, hiked 44 per cent to Rs. 888 cr as compared to Rs.618 cr last year.
Meanwhile, asset quality of the bank also remained stable in the Q2 -September quarter. Its GNPA - gross non-performing assets as a per cent of total advances stood at 0.83 per cent as compared to 0.79 per cent in the June quarter. On an absolute basis gross bad loans rose to Rs. 917 cr as against Rs. 844 cr sequentially.
Net NPA of Yes Bank, which is gross NPA minus the provisions, remained steady sequentially at 0.29 per cent of total advances.
In order to seek information about the support and resistance levels of the share and also its financials and fundamentals, please a pay a quick visit to Yes Bank share price history.
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