Yes Bank gains 1.5% on jump in Q1 net

Yes Bank has strengthened on the bourses after reporting a 38% rise in net profit for the quarter ended June 30. The stock is quoting at Rs 322, stronger by Rs 4 or 1.5% on the NSE. The shares had opened at Rs 318 and have touched a high of Rs 327 and a low of Rs 313 thus far.

Yes Bank on Thursday said its net profit for the quarter ended June 30 rose 38 per cent to Rs 216.1 crore from Rs 156.4 crore a year ago. Higher interest income and lower provisions contributed to the bank’s earnings.

The private sector bank, however, shrunk its balance sheet by 3.5% sequentially because of a reduction in advances and deposits. Advances declined 3.7% sequentially for the first time in 10 quarters. Deposits fell 5.1% from a quarter ago. The size of the balance sheet, however, expanded 39% from a year ago to Rs 56,963.6 crore.