 "Yes Bank rebounds post Q2 results")
Yes Bank traded 2.5% higher at Rs 746, bouncing back over 5% from intra-day low on the National Stock Exchange (NSE), after the bank reported a better-than-expected 26.5% year-on-year (y-o-y) growth in net profit at Rs 610 crore for the quarter ended September 30, 2015 (Q2FY16), on back of strong operational income. The private sector lender had profit of Rs 483 crore in the year ago quarter.
Net interest income (interest earned less interest expended) increased 29.4% y-o-y at Rs 1,109 crore on account of strong growth in advances and retail & CASA (current account saving account) deposits, Yes Bank said in a statement.
Net interest margin (NIM) during the quarter expanded to 3.3% in Q2FY16 from 3.2% in Q2FY15, it added. Analysts, on an average, had expected net profit of Rs 596 crore on net interest income of Rs 1,099 crore for the quarter.
Asset quality, however, weakened during the quarter as gross non-performing assets (NPA) increased to 0.61% in September 2015 quarter from 0.36% in a year ago quarter. It had 0.46% in June 2015 quarter.
Net NPA too rose to 0.20% from 0.13% in previous quarter. The bank said net NPA increased by only Rs 51.9 crore on quarter on quarter basis.
The stock hit an intra-day low of Rs 708 on the NSE before announcements of Q2 results. A combined 8.53 million shares changed hands on the counter on the NSE and BSE.
Net interest income (interest earned less interest expended) increased 29.4% y-o-y at Rs 1,109 crore on account of strong growth in advances and retail & CASA (current account saving account) deposits, Yes Bank said in a statement.
Net interest margin (NIM) during the quarter expanded to 3.3% in Q2FY16 from 3.2% in Q2FY15, it added. Analysts, on an average, had expected net profit of Rs 596 crore on net interest income of Rs 1,099 crore for the quarter.
Asset quality, however, weakened during the quarter as gross non-performing assets (NPA) increased to 0.61% in September 2015 quarter from 0.36% in a year ago quarter. It had 0.46% in June 2015 quarter.
Net NPA too rose to 0.20% from 0.13% in previous quarter. The bank said net NPA increased by only Rs 51.9 crore on quarter on quarter basis.
The stock hit an intra-day low of Rs 708 on the NSE before announcements of Q2 results. A combined 8.53 million shares changed hands on the counter on the NSE and BSE.
