YES Bank share price rose in early trade today after the private sector lender reported a net profit of Rs 2,628.61 crore in fourth quarter of last fiscal. The bank posted surprise profit after accounting for income from write-down of additional tier 1 (AT1) bonds worth Rs 6,296.94 crore.
Share price of YES Bank gained up to 20% to Rs 31.6 compared to the previous close of Rs 26.35 on BSE. The large cap stock has gained after 4 days of consecutive fall. YES Bank stock opened with a loss of 2.09% at Rs 25.80.
YES Bank share is trading lower than its 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The stock saw only buyers and no sellers in early trade today.
Total 44.82 lakh shares changed hands amounting to turnover of Rs 13.24 crore. YES Bank share has lost 82.47% in the last one year and fallen 38.55% since the beginning of this year. In one month, YES Bank share has gained 17.52%. The stock hit its 52-week low of Rs 5.55 on March 6, 2020 and 52-week high of Rs 174.15 on May 10, 2019.
Compared to net profit of Rs 2,628.61 during the Q4 FY20, the lender posted net loss of Rs 1,506.64 crore in the year-ago period. YES Bank posted a standalone net loss of Rs 16,418.02 crore for the financial year ending March 31, 2020. The private lender had reported a profit of Rs 1,720.27 crore at the end of financial year 2018-19.
If the one-off gain from additional tier 1 (AT1) bonds is excluded, then YES Bank has posted a loss of Rs 3,668 crore in the March quarter.
The private sector lender reported a loss of Rs 18,560 crore in the December quarter of last fiscal.
The one-time gain is from the write off of additional tier-I bondholders' Rs 8,419-crore investment, the bank said in its March quarter earnings presentation.
This is the first financial result posted by YES Bank since RBI began its reconstruction scheme. So far, eight private financial institutions, including SBI, ICICI Bank and HDFC have acquired stakes in YES Bank as part of the reconstruction scheme.