Yes Bank shares climb nearly 4% as Q4 profit doubles

New Delhi: Yes Bank shares on Monday jumped nearly 4 per cent after the private sector lender reported an over two-fold jump in standalone net profit for March quarter 2023-24.

The stock climbed 3.67 per cent to Rs 27.11 on the BSE. During the day, it advanced 8.98 per cent to Rs 28.50.

On the NSE, it went up by 3.63 per cent to Rs 27.10 apiece.

In terms of volume, 796.01 lakh shares of the company were traded on the BSE and 5,728.41 lakh shares exchanged hands on the NSE during the day.

On Saturday, Yes Bank reported an over two-fold jump in standalone net profit at Rs 452 crore for March quarter 2023-24, primarily due to benefits on the provision front.

In the year-ago quarter, the bank logged a profit of Rs 202.43 crore.

The private sector lender benefitted from write-back on income tax and interest on income tax returns, but profits were limited by its inability to comply with the mandatory priority sector lending (PSL) requirements, its management said.

For fiscal 2023-24, it reported 74 per cent growth in net profit at Rs 1,251 crore.

In the March quarter, the core net interest income grew just 2.3 per cent to Rs 2,153 crore on the back of narrowing of Net Interest Margin to 2.4 per cent from 2.8 per cent in the year-ago period.

Gross non-performing assets ratio improved to 1.7 per cent from the year-ago period's 2.2 per cent.