Yes Bank shares gain by 4.5% after good Q1 performance
Shares of Yes Bank gained 4.5% on Thursday after the company reported a 28.1% rise in net profit for the March quarter and on fund raising plans.
Yes Bank's stock rose by 4.46% to Rs 831.25 on the BSE. At the NSE, it gained 4.49% to Rs 831.80.
The country's fifth-largest private sector lender Yes Bank, is looking at raising USD 1 billion by selling shares in local and overseas markets.
The bank, which was founded in 2004, said that the share sale could happen in one or more tranches. It had raised USD 500 million from a stock sale last May.
In a stock exchange filing yesterday, Yes Bank said that its board of directors in a meeting "empowered the Capital Raising Committee, a sub Committee of the Board, to raise funds by way of issuance of equity capital up to USD 1 billion in one or more tranches on such terms and conditions as it may deem fit."
Yes Bank has reported 28.1% rise in net profit at Rs 551 crore for the March quarter on higher interest income and a healthy growth in retail and SME advances. Total income has increased from Rs 3,013.57 crore for the quarter to Rs 3,678.83 crore.