Yes Bank advances after LIC hikes stake

Yes Bank jumped 4.91% to Rs 12.82 after Life Insurance Corporation of India (LIC) increased its stake in the bank to 4.989% from 0.759% earlier.

In a regulatory filing made after trading hours on Tuesday, Yes Bank said that LIC acquired 105.98 crore shares of the bank (equivalent to 4.23% stake) via open market purchase. Consequently, LIC's stake in the bank has risen to 4.989% from 0.759% earlier.

Yes Bank is a full service commercial bank' providing a complete range of products, services and technology driven digital offerings, catering to corporate, MSME & retail customers.

The bank's net profit tumbled 60.1% to Rs 45 crore in Q1 FY21 from Rs 114 crore in Q1 FY20. However, the bank has returned to profitability after reporting loss in the past three quarters. It had reported a net loss of Rs 3,668 crore in Q4 FY20.

 

Total income of the bank fell 32.8% on a year-on-year (YoY) basis to Rs 6,106.74 crore in the June 2020 quarter. Net Interest Margin (NIM) stood at 3% in Q1 FY21 as against 2.8% in Q1 FY20.

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