Embattled Yes Bank's shares zoom 20% as it reports Rs 2,629 crore quarterly profit

Shares of Yes Bank on Thursday zoomed 20% after the company reported a net profit of Rs 2,629 crore for the March quarter. The stock jumped 19.92% to Rs 31.60 on BSE, while it rallied 19.96% to Rs 31.55 on NSE.

A net profit of Rs 2,629 crore

Yes Bank on Wednesday reported a net profit of Rs 2,629 crore for the March quarter, helped by a massive gain of over Rs 6,200-crore arising out of a controversial write-off of bond investors' investment.

If the one-off gain is excluded, then the bank, which was bailed out by a consortium led by State Bank of India (SBI) in March, has a loss of Rs 3,668 crore in the latest quarter under review.

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The private sector lender posted a loss of Rs 18,560 crore in the December quarter while the loss was at Rs 1,506 crore in the March 2019 quarter. The one-time gain is from the write off of additional tier-I bondholders' Rs 8,419-crore investment, according to a release.

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For the fiscal year 2019-20, Yes Bank reported a loss of Rs 16,481 crore. It had a profit of Rs 1,720 crore in the year-ago period.  The bank showed a marginal improvement in the gross non-performing assets ratio at 16.80% in the March quarter as against 18.87% in the three months ended December 2019.

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