There has been a tremendous jump in the stock of Yes Bank of the private sector on Thursday. Yes Bank’s stock rose more than 4 percent during the business. Actually, the bank’s Managing Director and Chief Executive Officer Prashant Kumar has told that by the end of November, Rs 48,000 crore of bad loans will be transferred to JC Flowers.
Yes Bank had reported in September that the board had approved the sale of stressed loans worth Rs 48,000 crore to JC Flower Asset Reconstruction, after the private equity firm did not receive any bids to challenge it. Thereafter, the board of directors of Yes Bank approved the announcement of Jesse Flowers as the winner of the Swiss Challenge method used for selling stressed assets.
Decline in net profit: Private Yes Bank’s net profit declined 32.2 percent to Rs 153 crore in July-September. The bank had posted a net profit of Rs 225 crore in the same quarter a year ago. The Bank’s asset quality profile has improved with Gross NPAs at 12.9 per cent as on September 30, 2022. NPA was 15 per cent a year ago. At the same time, the net NPA of Yes Bank came down from 5.5 per cent to 3.6 per cent.
Share Price: The share price of Yes Bank was Rs 16.10 at the end of trading on Thursday, which shows a rise of 3.87% as compared to a day earlier. At the same time, the market capital is at the level of Rs 40,340 crore.
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