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    YES Bank erases gains, drops 5% ahead of Q1 results

    Synopsis

    The stock gained even as the bank was expected to report subdued earnings on rising provisions amid deteriorating asset quality.

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    NEW DELHI: Shares of YES Bank reversed morning gains of 4 per cent in Wednesday’s session to trade 5 per cent lower ahead of its June quarter results. The stock dropped as the bank was expected to report subdued earnings on rising provisions amid deteriorating asset quality.

    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.

    “YES Bank could continue to face challenging quarter with key risky assets could turn NPA with the risk of further provisioning,” Prabhudas Lilladher said.

    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.

    The shares of the bank closed 5.25 per cent lower at Rs 98.45 on BSE.
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    1 Comment on this Story

    Suhas Parvalkar383 days ago
    When we will get clear news about
    yes bank,every day something new.who to trust
    The Economic Times