Business Desk, New Delhi. There has been a huge jump in the net profit of the country’s private sector Yes Bank on an annual basis. The bank has made a profit of 123 percent in the fourth quarter of the financial year 2023-24 (Q4FY2024). There has been improvement in the gross NPA and net NPA of Yes Bank, the effect of which is visible on its results.
Yes Bank reported net profit of Rs 4.52 billion during the January-March quarter, compared with Rs 2.02 billion a year ago. This means that Yes Bank’s profit has more than doubled. This is much higher than analysts’ estimates. Analysts were assuming that Yes Bank’s profit could be Rs 3.41 billion.
Good days are going on for Yes Bank
For some time now, there has been relief news for Yes Bank from many fronts. Firstly, its co-founder Rana Kapoor got bail after four years. Then reports came that some investors from Japan and Dubai may invest money in the bank. Due to these positive news, the shares of Yes Bank also increased.
Status of Yes Bank shares
Yes Bank shares closed 0.73 per cent higher at Rs 26.15 on BSE on Friday (April 27). There has been a jump of more than 13 percent in the last one month. Yes Bank has given 63 percent profit to investors in the last 6 months and 67 percent profit in one year.
Yes Bank target price
However, despite good performance, brokerage firms are still not able to trust Yes Bank. Recently, reputed brokerage firms like Morgan Stanley and Nomura had reduced the target price of Yes Bank. Brokerage firms say that Yes Bank is doing well, but it is still far behind compared to rival banks.
(With inputs from agency)
(The purpose of this article is only to provide information. Before making any investment, please consult your financial advisor.)
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