Shares of private sector lender YES Bank gained in Tuesday’s trade after two sessions of losses, ahead of the private bank’s quarterly results later this week. The company is scheduled to report its March quarter results on Saturday, April 22.
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Kotak Institutional Equities expects YES Bank to see a 12.5% YoY drop in net profit at Rs 321.70 crore compared with Rs 367.50 crore in the same quarter last year. Net interest income (NII) is seen rising 6.2% YoY to Rs 1,932.80 crore from Rs 1,819 crore in the year-ago quarter. Net interest margin is seen flat at 3.1%.
“We expect NII to grow 6 per cent YoY reflecting the underlying business growth. Business momentum is gaining traction across retail and MSME segments but overall loan growth to be lower than industry average at 11 per cent YoY. Deposit growth at 11 per cent YoY is meeting the business requirements but has significantly decelerated in recent quarters. We expect NIM QoQ at 2.5 per cent (stable QoQ). Revenue growth pressure to remain high especially led by weak treasury income,” Kotak said.
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YES Bank stock climbed 8.62% intraday to Rs 16.64 against the previous close of Rs 15.32 on BSE today. Shares of YES Bank gained 17.7 per cent in the last one year but are down 19.61 per cent in 2023. In the last one month, the stock gained 10.25 per cent. Total 323.41 lakh shares of the firm changed hands amounting to a turnover of Rs 51.63 crore on BSE. Market cap of the bank climbed to Rs 47,704 crore today.
In terms of technicals, the relative strength index (RSI) of the YES Bank stock stands at 44.9, signaling the stock is neither oversold nor overbought. YES Bank has a one-year beta of 1.2, indicating high volatility during the period. YES Bank shares are trading higher than the 5 day, 20 day and 50 day moving averages but lower than 100 day and 200 day moving averages.
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March shareholding data show that 13 mutual funds owned 3.32 crore shares or 0.12 per cent stake. 13 insurance firms also held 4.62% stake or 132.94 crore shares at the end of the last quarter. 49.72 lakh resident individuals held 22.91% in the bank with an individual share capital of up to Rs 2 lakh. 6877 resident individuals held 200.59 crore shares of the firm, amounting to a stake of 6.98 per cent with an individual share capital of over Rs 2 lakh. 504 foreign portfolio investors owned 664.52 crore shares or 23.11 per cent stake in the lender at the end of March quarter.
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The bank clocked a 80.66% year-on-year fall in its standalone profit for the December quarter, amounting to Rs 51.52 crore, due to ageing-related provisions. However, net interest income logged a 11.7% YoY growth at Rs 1,971 crore in Q3.
