Yes Bank has moved higher by almost 2% at Rs 394 after reporting 30% year-on-year (yoy) growth in net profit at Rs 306 crore in the September quarter on back of higher interest income. Analysts on an average had expected profit of Rs 296 crore from the private sector bank.
Net interest income (NII) has grew 36% at Rs 524 crore on y-o-y basis, while net interest margins remain constant at 2.9% during the recently concluded quarter.
“The Bank has achieved steady growth in profits on the back of impressive growth in NII of 35.9% with sustained growth in customer assets of 32.5% and sequentially improving margins to 2.9%,” said Dr. Rana Kapoor, managing director & CEO, Yes Bank in statement.
The stock opened at Rs 387 and hit a low of Rs 385 on the NSE. A combined 3.13 million shares have changed hands on the counter so far on the NSE and BSE.