Yes Bank surged 11.05% to Rs 748 at 15:25 IST on BSE after the bank said it continues to show resilience on all asset quality parameters with an improving outlook going forward.
Meanwhile, the S&P BSE Sensex was up 391.12 points or 1.6% at 24,860.69.
The stock surged on heavy volumes. On BSE, so far 19.39 lakh shares were traded in the counter as against average daily volume of 2.70 lakh shares in the past one quarter. The stock hit a high of Rs 748.45 and a low of Rs 651.25 so far during the day. The stock hit a record high of Rs 910 on 4 March 2015. The stock hit a 52-week low of Rs 590 on 24 August 2015. The stock had underperformed the market over the past one month till 28 January 2016, sliding 7.93% compared with 6.01% decline in the Sensex. The scrip had, however, outperformed the market in past one quarter, falling 7.64% as against Sensex's 9.51% fall.
Yes Bank's gross non-performing assets (NPAs) stood at Rs 558.57 crore as on 31 December 2015, compared with Rs 491.35 crore as on 30 September 2015 and Rs 278.66 crore as on 31 December 2014. The ratio of gross NPAs to gross advances stood at 0.66% as on 31 December 2015 as against 0.61% as on 30 September 2015 and 0.42% as on 31 December 2014. The ratio of net NPAs to net advances stood at 0.22% as on 31 December 2015 as against 0.2% as on 30 September 2015 and 0.1% as on 31 December 2014.
Yes Bank said it continues to show resilience on all asset quality parameters with an improving outlook going forward with credit costs for the current financial year being contained within 50 basis points as against the earlier guidance of 50-70 basis points. During the quarter, the bank has not done any restructuring. Further, there were no slippages from the restructured book into NPAs during the quarter as well as for the nine months ended 31 December 2015, Yes Bank said in a statement.
The bank's specific loan loss provision coverage was at 66.5% as at 31 December 2015. The provision coverage takes into account the bank's in-depth assessment of recoverability on the underlying accounts based on collateral and does not factor the potential benefits of an improving business environment, Yes Bank said.
Yes Bank's net profit rose 25.06% to Rs 675.74 crore on 17.49% growth in total income to Rs 4122.12 crore in Q3 December 2015 over Q3 December 2014. The result was announced during market hours today, 29 January 2016.
Given the improving macroeconomic environment along with stable asset quality and accelerating retail franchise momentum, the bank is well placed to capture market share across retail and corporate segments at an enhanced pace, Yes Bank said in a statement.
Yes Bank is a private sector bank with a pan India presence.
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