YES Bank falls 6% on profit booking post Q1 results

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shares of YES Bank have slipped 6% to Rs 359 per share on the BSE on profit bookings after the bank reported 30.5% year on year (yoy) jumped in net profit at Rs 12.6 billion in June quarter (Q1FY19) on the back of healthy growth in net interest income (NII) & other income.

NII of the bank during the quarter under review grew by 22.7% yoy to Rs 22.19 billion; however it was lower-than-expectation of an average analyst estimate of around Rs 23 billion. The non-interest income grew by 49.6% y-o-y to Rs 16.94 billion.

The bank said, net interest margin (NIM) during the quarter under review stood at 3.3% in Q1FY19 against 3.7% in Q1FY18 and 3.4% in Q4FY18.

On the asset quality front, gross non-performing assets (NPA) as a percentage of gross advances increased to 1.31% in June quarter from 1.28% in previous quarter and 0.97% in previous year quarter. Net NPA declined to 0.59% from 0.64% sequentially. However, it increased from 0.39% level in June 2017 quarter.

In past four months, the stock of YES Bank had outperformed the market by surging 34%, as compared to 13% rise in the S&P BSE Sensex till Wednesday.

At 02:48 PM; the stock was trading 4.2% lower at Rs 367 on the BSE, after hitting high of Rs 386 in early morning trade. On comparison, the S&P BSE Sensex was up 0.05% at 36,876 points.

The trading volumes on the counter more than doubled with 30.4 million equity shares changed hands on the BSE and NSE so far.