Yes Bank reported a net profit of ₹451 crore for the January-March quarter of FY24, a 123% increase from ₹202 crore the previous year, according to experts.
Stock market today: Following the posting of good Q4 results for 2024 on Saturday, Yes Bank shares saw robust purchasing in early morning transactions on Monday. Yes Bank’s share price rose by 8% on Monday, reaching an intraday high of ₹28.55 a share shortly after the stock market opened.
According to stock market specialists, Yes Bank has announced good Q4 results for 2024, and present purchasing in the stock might be linked to these strong quarterly data. Analysts recommend holding Yes Bank shares with a stop loss of ₹24 and aiming for near-term targets of ₹30 and ₹32. Yes Bank’s share price reached an intraday high of ₹28.55 each, approaching its 52-week high of ₹32.85.
Yes, Bank’s Q4 results
According to Amit Goel, Co-Founder and Chief Global Strategist at Pace 360, Yes Bank posted a net profit of ₹451 crore in the January-March quarter of FY 2023-24, a 123 percent increase from the previous year’s ₹202 crore. The bank’s gross NPA fell to 1.7% from 2.2% in the same quarter last year. However, the net NPA for the quarter was 0.6%, up from 0.80% the previous year. In the fourth quarter, it began operating as a PSP Payment Bank for current and new Paytm customers.“
Shreyansh V. Shah, Research Analyst at StoxBox, decoded Yes Bank’s Q4 results 2024, saying, “As expected and in continuation of its new journey under CEO Prashant Kumar, Yes Bank posted strong fourth-quarter results.” The bank’s bottom line expanded 123% year over year and 95% quarter over quarter, owing to stronger other revenue and decreased provisions. In a high-interest rate environment, a good performance on operating criteria such as NIMs and NPAs suggests that the bank has legacy concerns. The quarter’s highlight for us was the considerably greater expansion in RoA and robust rise in non-interest income, indicating that the lender’s previous strategic actions are beginning to bear fruit.”
Yes, Bank’s share price objective
According to Sumeet Bagadia, Executive Director at Choice Broking, Yes Bank’s share price has reached a firm foundation of ₹24 per share. If the stock falls below this level, it may lose strength. Yes Bank’s share price is now finding opposition between ₹30 and ₹32. We may anticipate Yes Bank shares to surge sharply higher if they break through this resistance zone.”
Bagadia suggested to Yes Bank shareholders that they retain a stop loss of ₹24 per share. New investors can purchase Yes Bank shares at present levels with a stop loss of ₹24. Until Yes Bank’s share price exceeds ₹24 per share, any significant decline in the stock should be viewed as an opportunity to buy.
Disclaimer: The opinions and recommendations shown above are those of individual analysts or brokerage firms, not Top Trending Topics. We recommend that investors consult with qualified specialists before making any financial choices.
