YES Bank's Q3 net profit surges to ₹231 cr; here’s how stock reacts
The Q3 profit grew multi-fold from ₹51 crore in the year ago period, aided by sharp decline in provisions, credit growth, and higher income.
The Q3 profit grew multi-fold from ₹51 crore in the year ago period, aided by sharp decline in provisions, credit growth, and higher income.
The private lender is seeking buyers for its ₹4,233 crore distressed loan, which comprises corporate loan portfolio of ₹3,091 crore and retail portfolio of ₹1,142 crore.
Sequentially, the company’s profit declined by 34.3% as against ₹343 crore in the June quarter of FY24.
In FY23, the bank’s net profit declined by 32.73% to ₹717 crore, as against ₹1,066 crore in FY22.
Shares of Yes Bank dropped 9% to ₹17.85 apiece on the National Stock Exchange (NSE).
The private lender has completed the sale of ₹48,000 crore stressed asset loan portfolio of the bank to JC Flowers Asset Reconstruction company.
Thanks to recent surge in share prices, YES Bank jumped to 92nd position in overall m-cap ranking on the BSE.
The bank said it will now engage with the investors for the completion of the proposed fundraise.
YES Bank will sell up to 10% stake each to global private equity investors Carlyle Group and Advent International to raise equity capital of ₹8,900 crore.