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Last Updated : Oct 26, 2020 10:06 AM IST | Source: Moneycontrol.com

Yes Bank share price gains after bank reports profit of Rs 129 crore in Q2

The private sector lender reported profit at Rs 129.4 crore for September ended quarter 2020, against loss of Rs 600 crore in year-ago period.

 
 
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Yes Bank share price was up 2 percent in the morning session on October 26 after the bank declared its Q2 results.

The private sector lender reported profit at Rs 129.4 crore for September ended quarter 2020, against loss of Rs 600 crore in year-ago period. In the quarter ended June 2020, it had reported Rs 45.44 crore profit under the new management lead by Prashant Kumar, MD & CEO of the bank.

But net interest income declined 9.7 percent to Rs 1,973.4 crore, from Rs 2,186 crore in corresponding period last fiscal. NII in June quarter was at Rs 1,908 crore.

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Earnings beat analysts' expectations. The loss was estimated at Rs 306.8 crore and net interest income at Rs 1,841.8 crore for the quarter, as per the average of estimates of analysts polled by CNBC-TV18.

The stock was trading at Rs 13.54, up Rs 0.19, or 1.42 percent at 09:46 hours. It has touched an intraday high of Rs 14.01 and an intraday low of Rs 13.35.

Yes Bank said net advances at Rs 1,66,923 crore grew 1.5 percent QoQ, with strong pickup in retail disbursements at Rs 3,764 crore (up from Rs 424 crore last quarter).

The deposits increased substantially 15.7 percent sequentially to Rs 1,35,815 crore, it added.

Provisions and contingencies for the September quarter stood at Rs 1,187 crore, declining 11.2 percent compared to year-ago period but increased 9.2 percent sequentially.

The shareholding patterns of September-ended quarter and July indicated that retail investors, HNIs and corporates increased their stake in Yes Bank, but mutual funds and foreign portfolio investors reduced their shareholding.
First Published on Oct 26, 2020 10:06 am
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