Shares of Yes Bank on Friday 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.
Volume-wise, 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 on Friday 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.
