Yes Bank spurts after RBI clears bank of divergence

Yes Bank rose 20.08% to Rs 203 at 9:34 IST on BSE after the Reserve Bank of India cleared the private sector lender of any divergence in asset classification and provisioning.

The announcement was made after market hours yesterday, 13 February 2019.

Meanwhile, the S&P BSE Sensex was down 44.29 points, or 0.12% to 35,989.82.

On the BSE, 46.66 lakh shares were traded in the counter so far compared with average daily volumes of 42.43 lakh shares in the past two weeks. The stock had hit a high of Rs 218 and a low of Rs 185.95 so far during the day.

The stock hit a 52-week high of Rs 404 on 20 August 2018. The stock hit a 52-week low of Rs 147 on 29 November 2018.

The Reserve Bank of India (RBI) assesses compliance by banks with extant prudential norms on income recognition, asset classification and provisioning (IRACP) as part of its supervisory processes. As part of this process, Yes Bank has received the Risk Assessment Report for FY2018. The report observes NIL divergences in the bank's asset classification and provisioning from the RBI norms.

Yes Bank's net profit fell 6.96% to Rs 1001.85 crore on 36.3% rise in total income to Rs 8849.81 crore in Q3 December 2018 over Q3 December 2017.

Yes Bank is India's fourth largest private sector bank with a pan India presence across all 29 states and 7 Union Territories of India, headquartered in Mumbai.

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