Q1 results: Yes Bank profit beats estimates on higher interest income
Yes Bank’s net profit rises to Rs 1,260 core in the first quarter ended 30 June, from Rs 966 crore in the same period last year
Bengaluru: Yes Bank Ltd beat analysts’ estimates for quarterly profit on Thursday, helped by higher interest income and growth in its corporate banking division. Yes Bank’s net profit rose to Rs 1,260 core in the first quarter ended 30 June, from Rs 966 crore in the same period last year. Analysts were expecting a profit of Rs 1,215 crore, according to Thomson Reuters I/B/E/S data which compiled data from 22 analysts.
Interest earned rose 41.3% to Rs 6,578 crore in the first quarter of 2018-19, said the bank.
The company took a mark-to-market loss of Rs 92.67 crore in the quarter, it said, relating to bond-trading losses incurred in December 2017 and March 2018 quarters as a result of spike in bond yields in the recent months.
It said it will spread 2.78 billion rupees over the subsequent quarters.
In intraday trade, Yes Bank shares fell as much as 6.44% to Rs 358.75. At 2.41, the stock was down 4.67% to Rs 365.55 per share on BSE, while the Sensex was up 0.07% at 36,892.72 points.