On Tuesday the share price large-cap bank rose by 13% to its intraday high of Rs 25.68 per share from its previous close of Rs 22.80, after RBI nodded ahead to acquire a 9.5% stake in the bank.
According to the exchange filing, the Reserve Bank of India (RBI) has approved HDFC Bank Limited’s acquisition of up to 9.50% of YES Bank Limited’s paid-up share capital or voting rights.
HDFC Bank must acquire a major shareholding within one year, or the approval will be revoked. Furthermore, HDFC Bank must ensure that its aggregate holding does not exceed 9.50% and obtain RBI approval if it falls below 5% but plans to increase it to 5% or higher.
In their recent financials, the net revenue of the company rose by 19% YoY from Rs 5,874 crores in Q3FY23 to Rs 6,989 crores Q3FY24, and on a quarterly basis, their revenue rose by 4% from Rs 6,714 crores in Q2FY24 to its current level.
Additionally, their net profit rose by 341% YoY from Rs 55 crores in Q3FY23 to Rs 243 crores Q3FY24 and on a QoQ basis, their profit rose by 6% from Rs 229 crores in Q2FY24 to its current level.
Yes Bank Ltd stated in its investor presentation that the company has a total advance of Rs 2,17,523 crores growth of 11.8% Y-o-Y, which is split into 63% retail and SME, 14% mid-corp, and 23% corporate. They also have a total deposit of Rs 2,41,831 crores up 13.2% Y-o-Y
CRISIL, India Ratings, and CARE bank were rated at A, and CRISIL and CARE had the highest short-term ratings at A1+. CASA ratio at 29.7% in Q3 FY23 • 3.98 lakh new CASA Accounts opened in Q3 FY24.
YES BANK Limited is an Indian commercial bank that offers a wide range of products, services, and technology-driven digital solutions to its corporate, retail, and micro, small, and medium-sized enterprises (MSME) clients.
Written by Sriram KV
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