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YES Bank has moved higher by 2.5% to Rs 656, also its record high on National Stock Exchange (NSE), after reporting a better-than-expected 30% year on year jump in net profit at Rs 483 crore for the second quarter ended September 2014 (Q2), on back of healthy net interest income and lower provisioning. The private sector lender had profit of Rs 371 crore in the same quarter last fiscal.
Net interest income (interest earned minus interest expended) grew 27.5% to Rs 857 crore in the quarter against Rs 672 crore in the corresponding quarter of previous fiscal.
During the September quarter, the bank cut its provisions to Rs 120 crore from Rs 179 crore in the year-ago period, YES Bank said in a statement.
The bank’s gross non-performing asset (NPA) ratio however, rose to 0.36% from 0.28% in September 2013 quarter. Net NPA ratio also increased marginally to 0.09% against 0.04% in previous year quarter.
The stock opened at Rs 641 and touched a low of Rs 636 on NSE. A combined 3.13 million shares changed hands on the counter till noon deals on NSE and BSE.
Net interest income (interest earned minus interest expended) grew 27.5% to Rs 857 crore in the quarter against Rs 672 crore in the corresponding quarter of previous fiscal.
During the September quarter, the bank cut its provisions to Rs 120 crore from Rs 179 crore in the year-ago period, YES Bank said in a statement.
The bank’s gross non-performing asset (NPA) ratio however, rose to 0.36% from 0.28% in September 2013 quarter. Net NPA ratio also increased marginally to 0.09% against 0.04% in previous year quarter.
The stock opened at Rs 641 and touched a low of Rs 636 on NSE. A combined 3.13 million shares changed hands on the counter till noon deals on NSE and BSE.
