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YES Bank stock closes 8% higher after Q4 net profit rises 29%

YES Bank stock closes 8% higher after Q4 net profit rises 29%

The stock is up more than 7% since the beginning of this year. The stock opened at 328.90 level, traded flat till Q4 earnings were announced. The stock rallied after 1:53 pm and closed 10.09% higher at 358 level.

The YES Bank stock rose in afternoon trade after the lender reported  earnings that came above market expectations. At 15:25 pm, the stock was trading 9 percent higher at 354 level on BSE.

The stock is up more than 7% since the beginning of this year.

The stock opened at 328.90 level, traded flat till Q4 earnings were announced. The stock rallied after 1:53 pm and closed 8.26% higher at 352 level.

The bank reported a 29% rise in Q4 net profit to Rs 1179 crore compared to Rs 914 crore in the corresponding period last year.

Net Interest Income (NII) rose 31.4 per cent year on year to Rs 2,154.20 crore while non-interest income grew 13 per cent to Rs 1,421 crore.  The bank reported net interest margin (NIM) at 3.4 per cent.

Gross non-performing assets (NPAs) fell to 1.28 per cent of total advances as of March 31, from 1.72 per cent at the end of 2017. Net NPA for the quarter fell to 0.64 per cent compared with 0.93 per cent in the December quarter.

The board also recommended payment of dividend of Rs 2.7 per equity share that is 135% on equity shares of face value of Rs 2 each (fully paid up) for the financial year ended March 31, 2018.