Shares of YES Bank Ltd will be in focus during the trading session Friday as the private lender is planning to raise funds and approval for its upcoming annual general meeting. The company informed about the same through an exchange filing with the bourses after market hours on Thursday.
A meeting of the board of directors of YES Bank will be held on Tuesday, June 25, 2024, at Mumbai, inter alia, to consider and approve notice of next annual general meeting (AGM) and borrowing/raising funds in Indian/foreign currency by issue of debt securities including but not limited to non-convertible debentures, bonds, medium term note (MTN) etc, it said in the filing.
"In this regard, the Bank may evaluate the potential fund raising, as necessary in future, and in order to have the enabling special resolution in place in terms of applicable provisions of the Companies Act, 2013 and the rules made thereunder, it is proposed to include a special resolution for borrowing/raising funds in notice of forthcoming AGM," the filing added further.
Shares of YES Bank settled at Rs 23.96 in the previous trading session on Thursday, rising 0.59 per cent for the day. The total market capitalization of the lender stood slightly above Rs 75,000 crore mark. Shares of YES Bank have surged 47 per cent in the last one year, while it is up merely 5.6 per cent in 2024 so far.
YES Bank reported a standalone net profit of Rs 452 crore for the quarter ended March 31, 2024, surging 123 per cent on a year-on-year (YoY) basis over Rs 202.43 crore reported by the lender in the year ago period. A net interest income (NII) of Rs 2,153 crore, registering a marginal uptick of 2 per cent.
The private lender earned interest income of Rs 7,447.17 crore, up 20 per cent on a yearly basis, from Rs 6,216.24 crore reported in the corresponding quarter of the last financial year. Net interest margins stayed flat sequentially at 2.4 per cent quarter gone by.