NEW DELHI: Shares of YES BankNSE 2.07 % climbed 4 per cent in Wednesday’s trade ahead of its June quarter results. The stock gained even as the bank was expected to report subdued earnings on rising provisions amid deteriorating asset quality.
The scrip jumped 4.33 per cent to hit a high of Rs 108.40 on BSENSE 2.41 %.
Brokerage firm Prabhudas Lilladher projected 84 per cent YoY fall in profit at Rs 201.10 crore on 22 per cent YoY rise in pre-provisioning operating profit. It also said the asset quality of the lender may deteriorate further with percentage of gross non-performing assets (NPA) spiking to 3.70 per cent in Q1FY19 over 3.22 per cent in Q1FY18.
Kotak Institutional Equities projected a loss of Rs 578.60 crore in Q1FY19 for YES Bank against a net profit of Rs 1,260.40 crore in the corresponding quarter last year.
The lender reported a loss of Rs 1,506.60 crore in the preceding quarter ended March 2019.
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