Yes Bank shares zoom 20% on quarterly profit

Business

Shares of Yes Bank on Thursday zoomed 20 per cent after the company reported a net profit of Rs 2,629 crore for the March quarter. The stock jumped 19.92 per cent to Rs 31.60 on BSE, while it rallied 19.96 per cent to Rs 31.55 on NSE. Yes Bank on Wednesday reported a net profit of Rs 2,629 crore for the March quarter, helped by a massive gain of over Rs 6,200-crore arising out of a controversial write-off of bond investors’ investment.

If the one-off gain is excluded, then the bank, which was bailed out by a consortium-led by State Bank of India (SBI) in March, has a loss of Rs 3,668 crore in the latest quarter under review. The private sector lender posted a loss of Rs 18,560 crore in the December quarter while the loss was at Rs 1,506 crore in the March 2019 quarter. The one-time gain is from the write off of additional tier-I bondholders’ Rs 8,419-crore investment, according to a release.

For the fiscal year 2019-20, Yes Bank reported a loss of Rs 16,481 crore. It had a profit of Rs 1,720 crore in the year-ago period. The bank showed a marginal improvement in the gross non-performing assets ratio at 16.80 per cent in the March quarter as against 18.87 per cent in the three months ended December 2019.