ADVERTISEMENT

Yes Bank Shares Gain After Q1 Profit Rises On Lower Provisions

The standalone net profit increased 46.4% year-on-year to Rs 502.4 crore for the quarter-ended June 30.

<div class="paragraphs"><p>Yes Bank House, Mumbai. (Photographer:&nbsp;Vijay Sartape/NDTV Profit)</p></div>
Yes Bank House, Mumbai. (Photographer: Vijay Sartape/NDTV Profit)

Shares of Yes Bank Ltd. gained over 4% on Monday after the private lender's net profit rose in the first quarter of fiscal 2025 on lower provisions, beating analysts' estimates.

The standalone net profit increased 46.4% year-on-year to Rs 502.4 crore for the quarter-ended June 30, 2024, compared to a Bloomberg estimate of Rs 376.4 crore. Sequentially, the profit rose 11.1%.

Net interest income, or core income for the lender stood at Rs 2,243 crore, up 12.2% year-on-year. Net interest margin, a key profitability indicator, stayed flat sequentially at 2.4%.

Provisions for the quarter fell 41.1% year-on-year to Rs 211.7 crore.

Opinion
Stocks To Watch: HDFC Bank, Kotak Mahindra Bank, JSW Steel, Vedanta, Wipro, YES Bank, RIL
Yes Bank Shares Gain After Q1 Profit Rises On Lower Provisions

Yes Bank stock rose as much as 4.5% in early trade before paring gains to trade 2.83% higher at Rs 25.47 apiece, compared to a 0.11% advance in the Nifty 50 as of 10:20 a.m.

It has risen 46.5% in the last 12 months and 12.4% year-to-date. The relative strength index was at 54.87.

Ten of the 12 analysts tracking Yes Bank have a 'sell' rating on the stock and two recommend a 'hold', according to Bloomberg data. The average of 12-month analysts' price targets implies a potential downside of 33%.

Opinion
Kotak Mahindra Bank Q1 Results Review: Deposit Growth, Impact On Margin Key Focus Areas