- Following impressive Q4 results, Yes Bank shares surge 9%.
- Bank reports YoY growth in standalone net profit of 123%.
- Net NPA decreases to 0.6% while gross NPA rises to 1.7%.
Following its impressive Q4 results, which were bolstered by large gains from tax refunds, Yes Bank’s shares surged as high as 9% on Monday.
At the start of Monday’s trading session, the lender’s shares shot up 8.98% to Rs 28.50 a share.
For Q4FY24, the bank announced a standalone net profit of Rs 452 crore, a 123% rise over the previous year. In addition, interest income was Rs 7,447.17 crore, up 20% YoY.
Notably, net interest income (NII) for Yes Bank increased by a small 2% year over year to Rs 2,153 crore from Rs 2,105 crore in the same quarter of the previous fiscal year.
An important indicator of the bank’s profitability, the net interest margin (NIM), stayed constant sequentially at 2.4%.
In addition, the operational profit of the bank increased by 4.4% year over year to Rs 902 crore in Q4FY23 from Rs 864 crore in Q4FY23.
It is noteworthy that the gross non-performing asset (NPA) of Yes Bank decreased from 2% in the same quarter previous year to 1.7% in the March quarter. In the meantime, the quarter’s net non-performing assets (NPA) was 0.6%, and the quarter’s provisions decreased 23.7% year over year to Rs 470.80 crore.
Is it better to buy, hold, or sell?
Yes Bank’s Q4 results were praised by market analysts who said they played a part in the increase in the company’s stock price.
In addition, they predict that Yes Bank shares will continue to appreciate in the future and advise shareholders to keep onto their investments.
The shares of Yes Bank have formed a solid foundation at the Rs. 24 level, according to Choice Broking Executive Director Sumeet Bagadia, who also stated that the stock “may become weak on breaching below this level.” This information was provided to livemint.com.
The Yes Bank share price is encountering resistance around the Rs. 30 to Rs. 32 range on the upper side. We anticipate significant positive action in Yes Bank shares upon breaking over this resistance zone,” he continued.
He advised Yes Bank’s current owners to hang onto their shares while keeping a stop loss of Rs 24. Bagadia continued by saying that new buyers might purchase the stock at the current price with a stop loss set at Rs 24.
Until the Yes Bank share price rises over Rs 24 a share, every significant decline in the stock should be viewed as a significant buying opportunity, he continued.
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