Today’s stock market: Following the announcement of better-than-expected Q1 results 2024 on Saturday, Yes Bank shares experienced robust purchasing in the early morning session on Monday. Today, Yes Bank’s share price opened at ₹25.90 and quickly rose to an intraday high of ₹25.99, a roughly 5% increase. However, Yes Bank shares were unable to maintain their current high levels for long. After the profit-booking trigger, the banking stock fell to an intraday low of ₹25.36 per share on NSE.
Yes Bank shares are soaring, according to stock market experts, after the company announced strong Q1 results for 2024 on Monday. They stated that Yes Bank’s CASA had improved, indicating that its funding costs had fallen in the preceding quarter. As a result, the market expects the private lender’s profits to increase in the near to medium term. Yes Bank also reported increased asset quality, which is advantageous for business and income. Yes Bank’s share price has remained above its Friday close, indicating a potential rebound if it finishes above the ₹25 barrier.
Why is Yes Bank’s stock price rising?
Avinash Gorakshkar, Head of Research at Profitmart Securities, commented on the causes driving the Yes Bank share price surge, saying, “Yes Bank shares are surging after the positive Q1 results 2024. The private lender’s net profit increased both year over year and quarterly. The private lender also saw an increase in interest revenue. The private lender reported an improvement in its CASA, indicating that its funding cost dropped in the recently completed Q1FY25 quarter. So, the market expects Yes Bank’s better CASA to boost its profitability in the near to medium term.”
Target share price for Yes Bank
Sumeet Bagadia, Executive Director at Choice Broking, discussed the prospects for shares in his remarks: “The price of Yes Bank shares opened higher today than it did on Friday, and it has continued to trade above that close price.” Therefore, a new entry with a stop loss of ₹23 is suggested. Indeed, stockholders of the bank may also keep the position with a stop loss set at ₹23. Yes, if bank shares hold above ₹25 on Monday, a significant comeback is anticipated.
According to Bagadia, if Yes Bank shares recover from today’s lows, they might shortly reach ₹28 and ₹30 each.
Yes Bank Q1 Results 2024
Yes Bank recorded a standalone net profit of ₹502.43 crore for Q1FY25 (quarter ended June 30). This was a 46.4 percent increase over the Bank’s Q1FY24 profit after tax (PAT) of ₹342.52 crore. In Q1FY25, interest earnings reached ₹7,719.15 crore, a 19% increase from ₹6,443.22 crore in Q1FY24. Lenders’ standalone net interest income (NII) increased by 12.2% year on year to ₹2,243.9 crore, up from ₹2,000 crore in the previous year.
Yes Bank’s CASA ratio in Q1FY25 was 30.80 percent, up from 29.40 percent in the same period the previous fiscal year and 30.90 percent the preceding quarter.
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