Shares of this large-cap Bank jumped approximately 5 percent in Monday’s trading session after announcing results for Q4FY24, viz, for the quarter and financial year ended March 2024. In the past six months, the Bank’s stock has gained more than 70 percent for its holders.
With a market capitalization of Rs 78,852.76 crores, the stocks of Yes Bank Limited started their trading session on Monday at Rs 27.52 and currently trade at Rs 27.41, gaining around 5 percent compared to its previous closing level of Rs 26.15 apiece.
Such bullish share price movements were witnessed today after the Bank, through a recent regulatory filing with the Bombay Stock Exchange (BSE), announced its financial results for the quarter and financial year ending March 2024.
On a sequential basis, the Bank has reported decent growth in the basic parameters such as total income as well as after-tax profits. The former rose from Rs 8,243 crores during Q3FY24 to Rs 9,100 crores during Q4FY24, and, the latter, in congruence with the pattern, shifted up from Rs 243 crores to Rs 467 crores.
Comparing Q4FY23 with Q4FY24, the abovementioned metrics showed decent upward movements with the total income increasing from Rs 7,273 crores to Rs 9,100 crores, and, the bottom-line numbers taking a drastic shift from Rs 206 crores to Rs 467 crores which indicates an increase of a whopping 127 percent.
According to the latest presentations, the Bank’s Net Interest Income (NII) was reported at Rs 2,153 crores for Q4FY24, gaining around 2.30 percent YoY and 6.80 percent QoQ. During FY24, the NII numbers stood at Rs 8,095 crores gaining around 2.20 percent compared to the previous fiscal year.
In addition, the Bank’s return on assets (RoA) was reported at 0.5 percent during Q4FY24 v/s 0.2 percent during Q3FY24. YoY too, the RoA numbers were reported with some increase despite higher balances in Deposits placed in lieu of ‘Priority Sector Lending’ (PSL) shortfalls and its costs.
“We continue to witness strong momentum in our liability franchise with growth in Deposits expanding to over 20% Y-o-Y for first time in last 8 quarters.”, commented Mr. Prashant Kumar, MD & CEO, Yes Bank.
Incorporated in 2004, Yes Bank Limited is a private-sector institution providing various Banking and Financial products and services primarily in India. Its operating segments include Treasury, Retail/Corporate/Wholesale Banking, and other segments.
Written by Amit Madnani
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