Shares of Yes Bank today surged over 11 per cent after the company reported an increase of 25 per cent in net profit in the December quarter.
The stock of the private sector lender zoomed 10.89 per cent to settle at Rs 746.90 on BSE. During the day, it soared 11.27 per cent to Rs 749.50.
At NSE, shares of the company jumped 11.2 per cent to end at Rs 746.80.
Voluemewise, 19.78 lakh shares of the company changed hands at BSE and over one crore shares were traded at NSE during the day.
The company added Rs 3,142.59 crore to Rs 31,348.59 crore in market valuation.
Yes Bank today reported an increase of 25 per cent in net profit at Rs 675.74 crore in the December quarter, driven by higher interest income even though its bad loans jumped sharply following a regulatory review of top stressed accounts.
The bank had posted a net profit of Rs 540.29 crore in the corresponding October-December quarter of 2014-15.
It said the sharp rise in bad loans was due to RBI review of top accounts which saw its net NPAs doubling to 0.22 per cent in the quarter under review, as against 0.1 per cent an year ago.
Due to sharp increase in NPAs, its provisioning for bad loans grew over two-fold to Rs 187.2 crore during the quarter, while gross NPAs jumped to 0.66 per cent or Rs 558.6 crore from 0.42 per cent an year ago.
