Shares of Yes Bank Ltd. hit a more than two-month high on Monday after its profit more than doubled in the fourth quarter. The private lender’s net profit jumped 123% year-on-year to Rs 452 crore in the quarter ended March 2024, according to an exchange filing. This increase is due to the increase in other income and the decrease in provisions.
In a call with analysts Monday, the private lender said it was moving towards RoA accretive products. Additionally, the company expects its provision coverage rate to exceed 70% next year.
Recoveries and upgrades stood at around Rs 6,000 crore in FY24, and the lender intends to maintain them at the current level, Yes Bank said in an analyst call .