YES Bank shares rise for fourth straight session; trading in overbought zone

Shares of private sector lender YES Bank Ltd rose for the fourth consecutive session today. The stock rose to a 52-week high of Rs 24.99 in the current session amid a rally in the broader market. Earlier, the stock opened higher at Rs 24.44 on BSE. Total 700.76 lakh shares of the bank changed hands amounting to a high turnover of Rs 172.19 crore on BSE. Market cap of the bank rose to Rs 71,184 crore.

YES Bank stock has gained 16.42 per cent in a year and risen 9 per cent in 2024. YES Bank has a one-year beta of 0.6, indicating low volatility during the period.

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In terms of technicals, the relative strength index (RSI) of the YES Bank stock stands at 72.6, signaling the stock is trading in the overbought zone. YES Bank shares are trading higher than the 5 day, 10 day, 20 day, 50 day, 100 day, 150 day and 200 day moving averages.

In three months, the stock has surged 45.78%.

In the beginning of this month, the bank released its business updates for the quarter ended December 2023.

The lender reported a YoY rise of 11.9 per cent in loans and advances to Rs 2,17,662 crore in the December 2023 quarter compared to Rs 1,94,573 crore in the corresponding quarter of the previous year. Loans and advances climbed 4.1 per cent from Rs 2,09,106 crore on a quarter-on-quarter (QoQ) basis.

Deposits for the December quarter rose 13.2 per cent YoY and 3.2 per cent QoQ, reaching Rs 2,41,831 crore compared to Rs 2,13,608 crore in Q3FY23 and Rs 2,34,360 crore in Q2FY24. The credit-to-deposit ratio fell to 90 per cent as of December 31, 2023 compared to 91.1 per cent a year ago and 89.2 per cent in the September 2023 quarter.

The private lender’s CASA saw a 12.2% YoY rise to Rs 71,749 crore for the quarter ended December 31, 2023 against Rs 63,927 crore in the corresponding quarter of the previous year. On a sequential basis, CASA improved by 4 per cent, rising from Rs 68,957 crore in the September 2023 quarter. The CASA to total deposits ratio remained stable at 29.7 per cent during the quarter.