Yes Bank shares drops over 2 per cent after June quarter earnings

Yes Bank shares drops over 2 per cent after June quarter earnings

Yes Bank shares on Monday witnessed heavy sell-off pressure at higher levels in morning trade on the bourses after the private lender reported a 10 per cent rise in net profit to Rs 343 crore in the June quarter. Shares of Yes Bank opened on a positive note and touched an early high of Rs 18.44 apiece on the BSE, registering a gain of 2.10 per cent over its previous close.

However, profit booking soon emerged in the counter and the stock fell to a low of Rs 17.53, down 2.93 per cent over its last close on BSE. Similar movement was seen on the NSE, where the stock opened at Rs 18.40, then fell to Rs 17.65, down 2.22 per cent over its last close.

In a regulatory filing on Saturday, SBI-controlled Yes Bank reported a 10 per cent rise in net profit to Rs 343 crore in the June 2023 quarter, aided by a decline in bad loans. The Mumbai-based private sector lender had posted a net profit of Rs 311 crore in the year-ago period. Its total income in the first quarter of the current fiscal rose to Rs 7,584 crore from Rs 5,876 crore a year ago, the company said.