Yes Bank jumps after strong Q2 outcome

Yes Bank rose 3.06% to Rs 369.30 at 14:47 IST on BSE after net profit rose 21.25% to Rs 371.13 crore on 30.24% increase in total income to Rs 2947.39 crore in Q2 September 2013 over Q2 September 2012.

The result was announced during trading hours today, 22 October 2013.

Meanwhile, the BSE Sensex was down 64.66 points, or 0.31%, to 20,829.23.

On BSE, 38.29 lakh shares were traded in the counter compared with average volume of 26.32 lakh shares in the past one quarter.

The stock hit a high of Rs 374.85 and a low of Rs 351 so far during the day. The stock hit a 52-week low of Rs 216.10 on 28 August 2013. The stock hit a record high of Rs 547.15 on 20 May 2013.

The stock had underperformed the market over the past one month till 21 October 2013, rising 0.59% compared with the Sensex's 3.11% rise. The scrip had underperformed the market in past one quarter, falling 15.62% as against Sensex's 3.69% rise.

The large-cap private sector bank has an equity capital of Rs 360.50 crore. Face value per share is Rs 10.

Yes Bank's total advances grew by 13.6% to Rs 47717.20 crore, while total deposits grew by 29.2% to Rs 67575.10 crore in Q2 September 2013 over Q2 September 2012.

Current and savings account (CASA) deposits grew by 52.5% to Rs 13776 crore in Q2 September 2013 over Q2 September 2012, taking the CASA ratio to 20.4% as at 30 September 2013, up from 17.3% as of 30 September 2012.

The bank's ratio of net non-performing assets to net advances stood at 0.04% as on 30 September 2013, compared with 0.03% as on 30 June 2013 and 0.05% as on 30 September 2012.

The bank's ratio of gross non-performing assets (NPA) to gross advances stood at 0.28% as on 30 September 2013, compared with 0.22% as on 30 June 2013 and 0.24% as on 30 September 2012.

Provisions and contingencies surged 464.51% to Rs 179.12 crore in Q2 September 2013 over Q2 September 2012.

The bank's Capital Adequacy Ratio (CAR) as per Basel III norms stood at 13.8% as on 30 September 2013, compared with 14.4% as on 30 June 2013.

Commenting on the results and financial performance, Mr. Rana Kapoor, Managing Director & CEO, Yes Bank said, "Yes Bank has delivered a satisfactory quarter of financial performance in a challenging macroeconomic environment. The bank has maintained robust asset quality retaining high specific provision coverage, while further adding to the reservoir of counter cyclical provisions. The bank maintained its growth in infrastructure with branch network crossing the 500-mark milestone, complemented by over 1100 ATMs. Consequently, the bank improved its CASA ratio, significantly added to the overall deposit base, improved the overall granularity of deposits, and maintained net interest margin despite challenging interest rate and liquidity environment. The overall business performance amply demonstrates the resilience of the bank's business model and management team in delivering consistent performance."

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