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YES Bank share falls over 4% post Q3 earnings

The bank's board on Friday said it has approved raising funds of up to Rs 10,000 crore, in one or more tranches

twitter-logoBusinessToday.In | January 25, 2021 | Updated 13:19 IST
YES Bank share falls over 4% post Q3 earnings
In a regulatory filing on Friday, Yes Bank said its net interest income jumped to Rs 2,560.4 crore from Rs 1,064.7 crore YoY

YES Bank share declined over 4% in early trade after the lender declared results for the quarter ended December 31, 2020.

The private sector lender posted a net profit of Rs 151 crore in the third quarter ended December 2020 (Q3FY21) against a staggering loss of Rs 18,560 crore in third quarter ended December 2019 (Q3FY20). Sequentially, net profit was up 16.5%.

The bank's board on Friday said it has approved raising funds of up to Rs 10,000 crore, in one or more tranches.

Stock of YES Bank opened higher at Rs 17.45 and touched day's high of Rs 17.55 in early session. Later, the stock fell 4.7% to day's low of Rs 16.20 as against the last close of Rs 17.

YES Bank stock trades higher than 100-day moving averages but lower than 5, 20, 50 and 200-day moving averages. The stock has fallen almost 8% in the last 4 days.

The share has fallen 6% in one week and 5% in a month. Year-to-date, the stock is down 6%.

Market capitalisation of the lender stood at Rs 41,841.69 crore. The stock has touched a 52-week high of Rs 87.95 and a 52-week low of Rs 5.55. Share of the private lender, with Rs 2 face value has fallen 61% in one year.  

In a regulatory filing on Friday, Yes Bank said its net interest income jumped to Rs 2,560.4 crore from Rs 1,064.7 crore YoY.

The bank saw 2% quarter-on-quarter growth in loan book to Rs 1,69,721 crore in the third quarter.  Its capital adequacy stood at 19.5% in December 2020. It added 225,000 customers during the quarter and reported a gross NPA ratio of 15.36% as on 31 December.

Jyoti Roy - DVP- Equity Strategist, Angel Broking said," Yes Bank reported a 140% YoY increase in Net interest income to Rs 2,560 crore. Provisions for the quarter were down to Rs. 2199 crore as compared to Rs 24,766 crore as a result of which the company reported a profit of Rs 151 crore as against a loss of Rs 18,560 crore in Q3FY20. Similarly advances also grew by 2% qoq to Rs 1,69,721 crore. Reported GNPA and NNPA stood at 15.4% and 4.0% at the end of Q3FY21. However the bank had another Rs 18,551 crore of standstill and overdue accounts of which restructuring was invoked for Rs 8,062 crore during the quarter. Overall the bank posted good operating numbers for the quarter, we believe that standstill and overdue accounts would remain a drag on asset quality for the next few quarters. We have a cautious view on Yes bank as provisioning is likely to remain elevated for a few more quarters.

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