Shares of Yes Bank Limited surged by approximately 5 percent in Monday’s trading session after the announcement of its Q4FY24 results, marking a significant gain for investors who have seen a rise of over 70 percent in the stock price over the past six months.
With a market capitalization of Rs 78,852.76 crores, Yes Bank Limited opened Monday’s trading session at Rs 27.52 and currently trades at Rs 27.41, reflecting a 5 percent increase from the previous closing level of Rs 26.15 per share.
The positive movement in the share price came after the Bank revealed its financial performance for the quarter and fiscal year ending March 2024 in a regulatory filing with the Bombay Stock Exchange (BSE).
In terms of key financial metrics, Yes Bank reported growth in total income and after-tax profits on a sequential basis. Total income rose from Rs 8,243 crores in Q3FY24 to Rs 9,100 crores in Q4FY24, while after-tax profits increased from Rs 243 crores to Rs 467 crores during the same period.
A comparison between Q4FY23 and Q4FY24 showed a significant uptick in total income from Rs 7,273 crores to Rs 9,100 crores, and a substantial increase in after-tax profits from Rs 206 crores to Rs 467 crores, representing a remarkable 127 percent growth.
The Bank’s Net Interest Income (NII) for Q4FY24 was reported at Rs 2,153 crores, showing a 2.30 percent year-on-year increase and a 6.80 percent quarter-on-quarter growth. The full-year NII for FY24 stood at Rs 8,095 crores, up by 2.20 percent compared to the previous fiscal year.
Moreover, the Bank’s return on assets (RoA) improved to 0.5 percent in Q4FY24 from 0.2 percent in Q3FY24, showcasing positive momentum despite challenges related to ‘Priority Sector Lending’ (PSL) shortfalls.
Yes Bank’s Managing Director & CEO, Mr. Prashant Kumar, highlighted the strong growth in the Bank’s liability franchise, with Deposits expanding by over 20 percent year-on-year for the first time in the last 8 quarters.
Established in 2004, Yes Bank Limited offers a range of Banking and Financial products and services in India, with key operating segments including Treasury, Retail/Corporate/Wholesale Banking, and other segments.
In DailyBubble’s opinion, the positive financial results announced by Yes Bank reflect a resilient performance amidst a challenging economic environment. Investors are advised to exercise caution and consult with their investment advisor before making any investment decisions.