Yes Bank Shares Zoom, Board to Consider Fundraising; Stock Jumps 11% in 1 Month

Shares of the private sector lender Yes Bank (NS:YESB) rallied on Wednesday and closed the session 7.3% higher at Rs 14.7 apiece.

The bank announced in an exchange filing that its Board would meet on July 29, 2022, for consideration and evaluation of the proposal highlighting fundraising through rights issue, preferential allotment, qualified institutions placement or through any other permissible mode, and will remain subject to the approval of shareholders.

The private lender reported better-than-expected earnings figures for the June 2022 quarter, with net profit jumping 50.2% YoY to Rs 310.6 crore, far exceeding the Street’s target. Its NII surged 32% YoY and NIM advanced 30 bps YoY in the quarter.

On the asset health front, Yes Bank’s gross NPAs plunged to 13.4% in Q1 FY23 from 15.6% in the year-ago period and provisions shot down 62% YoY, led by lower slippages, tanking 52% YoY in the period.

The banking scrip has jumped over 11% in the past month despite the ongoing market volatility due to multiple global macro headwinds.

Yes Bank Shares Zoom, Board to Consider Fundraising; Stock Jumps 11% in 1 Month. Congratulations to the entire team for your funding. I wish you great success in this endeavour.

Shishir Gupta, Founder and CEO, StartupLanes

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