YES Bank tanks despite strong operating performance
Tanay Loya / 27 Oct 2017
Shares of YES Bank slumped on the bourses in morning trade despite posting a strong operating performance in September 2017 quarter.
Shares of YES Bank slumped on the bourses in morning trade despite posting a strong operating performance in September 2017 quarter. The slump in the share price is being attributed to a significant weakening of its asset quality in Q2FY18.
The bank’s gross non-performing assets ratio rose to 1.82 per cent in Q2FY18 from 0.97 per cent in June quarter, while its Net NPA rose from 0.39 per cent to 1.04 per cent in the corresponding period. The company witnessed a rise in NPAs at Rs. 6,355 crore as the RBI asked the bank to restate bad loan figures for FY17.
The company registered 25 per cent YoY rise in its net profit at Rs. 1,002 crore. Its net interest income grew by 33.5 per cent YoY to Rs. 1,885 crore.
At 11:00 am, the stock of YES bank was trading at Rs. 307.40 per share, up Rs. 23.80 or 7.17 per cent from its previous closing price of Rs. 331.20. The scrip opened at Rs. 307.00 and touched a high and low of Rs. 313.50 and Rs. 298.55, respectively on the NSE. The scrip attracted a traded volume of 4,52,65,522 shares on the NSE.
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