Yes Bank shares tank nearly 10% after Q2 earnings

Yes Bank shares tank nearly 10% after Q2 earnings

New Delhi: Shares of Yes Bank on Friday tanked nearly 10 percent as the company’s bad loan situation worsened during the second quarter of 2017-18 fiscal.

After opening the day on a weak note, the stock further tumbled 9.85 percent to Rs 299 on BSE.

At NSE, shares of the company slumped 9.85 percent to Rs 298.55.

The private sector lender yesterday reported a net profit of Rs 1,002.73 crore in the second quarter, up about 25 percent year-on-year.

The bank’s net profit was at Rs 801.54 crore in the same quarter a year ago.

In a regulatory filing, it said the net interest income increased to Rs 1,885.1 crore in the July-September quarter of the fiscal.

Its bad loan situation deteriorated as the gross non- performing assets (GNPAs) grew to Rs 2,720.34 crore (1.82 percent) during the second quarter of 2017-18 from Rs 916.68 crore (0.83 percent) in the corresponding period last year.

Net NPAs also rose to 1.04 percent of assets as of September 2017-end as compared to 0.29 percent in the comparable period of 2016-17.

PTI