Yes Bank, one of the leading private sector banks, on Wednesday reported a growth of 9.75% in its first quarter net profit. The bank earned a profit of Rs 4.39 billion for the quarter ended Jun. 30, 2014. Market was expecting profit to come at Rs 4.6 billion.
The bank's quarterly income totaled at Rs 31.05 billion, an increase of 9.37% over Rs 28.39 billion in the same period a year ago.
Commenting on the results and financial performance, Rana Kapoor, MD & CEO, YES Bank said, ''YES BANK has posted a satisfactory quarter of consistent results, marking the beginning of its 11th year of operations, maintaining asset quality and steady NIMs in Q1FY15. During the quarter, YES BANK completed a highly successful Global Qualified Institutional Placement of US$ 500 mn which was oversubscribed 5 times. This reinforces the strong faith of high quality international and domestic institutional investors in the business and financial model of YES BANK. The Bank is well capitalized and positioned to pursue growth opportunities given the improving economic environment.''
Shares of the bank declined Rs 10.7, or 1.96%, to trade at Rs 535.35. The total volume of shares traded was 469,889 at the BSE (1.22 p.m., Wednesday).